(y) (1) "Educational institution" means any public or other nonprofit institution (including an institution of higher education):
(A) In which participants, trainees, or students are offered an organized course of study or training designed to transfer to them knowledge, skills, information, doctrines, attitudes or abilities from, by or under the guidance of an instructor or teacher;
(B) Which is approved, licensed or issued a permit to operate as a school by the State Department of Education or other government agency that is authorized within the State to approve, license or issue a permit for the operation of a school; and
(C) Which offers courses of study or training which may be academic, technical, trade, or preparation for gainful employment in a recognized occupation.
(2) "Institution of higher education" means an educational institution which:
(A) Admits as regular students only individuals having a certificate of graduation from a high school, or the recognized equivalent of such a certificate;
(B) Is legally authorized in this State to provide a program of education beyond high school;
(C) 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-