For purposes of §§ 13-55A-15 to 13-55A-17, inclusive, an eligible institution is an accredited public or nonpublic nonprofit postsecondary institution, including any tribal college, with a primary physical campus in this state, that:
(1) Elects to participate in the scholarship program provided in §§ 13-55A-15 to 13-55A-17, inclusive; and
(2) Offers a baccalaureate degree.