“Institution of higher education” means an educational institution which:
1. Admits as regular students only persons having a certificate of graduation from a high school or the recognized equivalent of such a certificate;
2. Is legally authorized within 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, or offers a program of training to prepare students for gainful employment in a recognized occupation; and
4. Is a public or other nonprofit institution.
Ê For the purposes of this section, all colleges and universities of this State are institutions of higher education.