Sec. 31. (a) "Eligible postsecondary educational institution" for the purposes of this article, means an educational institution that:
(1) admits as regular students only individuals having a certificate of graduation from a high school, or the recognized equivalent of such a certificate;
(2) is legally authorized in this state to provide a program of education beyond high school;
(3) provides an educational program for which it awards a bachelor's or higher degree, or provides a program which is acceptable for full credit toward such a degree, a program of post-graduate or post-doctoral studies, or a program of training to prepare students for gainful employment in a recognized occupation; and
(4) is a public or other nonprofit institution.
(b) Notwithstanding subsection (a), the term includes all colleges and universities in Indiana.