As used in NRS 385.104, “institution of higher education” means an educational institution which:
1. Admits as regular students only persons having received a certificate of graduation from high school, or the recognized equivalent of such a certificate, or those approved by the Superintendent of Public Instruction for training at a vocational-technical level;
2. Is authorized to provide a program of education beyond high school;
3. Awards a bachelor’s degree or a 2-year degree or certificate of graduation or a certificate of completion of a program beyond high school;
4. Is an institution with full approval of the State of Nevada or the United States Department of Education; and
5. Has recognized accreditation.