(1) "Certificate-seeking student" means a student who is:

(A) Enrolled in courses for credit; and

(B) Recognized by the institution as seeking a formal award in a vocational program or an occupational program;

(2) "Completion rate for technical certificates" means the ratio of the number of first-time, full-time students who complete a technical certificate program in no more than five (5) consecutive semesters at the institution compared to the total number of first-time, full-time students who were enrolled at the institution in a technical certificate program five (5) semesters earlier, expressed as a percentage value;

(3) "Degree-seeking student" means a student who is:

(A) Enrolled in courses for credit; and

(B) Recognized by the institution as seeking a degree;

(4) "Full-time student" means an individual who:

(A) Is a student at a public institution of higher education;

(B) Is enrolled in a course of study leading to an associate's or bachelor's degree or completion of a technical certificate; and

(C) Is enrolled in at least twelve (12) semester hours or some other reasonable academic equivalent as defined by the Department of Higher Education;

(5) "Graduation rate for the two-year college" means the ratio of the number of first-time, full-time degree-seeking students who complete an associate degree in no more than three (3) years at the institution compared to the total number of first-time, full-time degree-seeking students who began at the two-year college as first-time, full-time degree-seeking students three (3) years earlier, expressed as a percentage value;

(6) "Graduation rate for the university" means the ratio of the number of first-time, full-time degree-seeking students who complete a baccalaureate degree at the institution in no more than six (6) years compared to the total number of first-time, full-time degree-seeking students who began at the university as first-time, full-time degree-seeking students six (6) years earlier, expressed as a percentage value;

(7)

(A) "Institution" means a public institution of higher education.

(B) "Institution" includes universities and two-year colleges;

(8) "Institutional baseline" means the institution's average rate for the previous three (3) years in a category established under this subchapter that is eligible for incentive funding, expressed as a percentage value;

(9) "Retention rate for the two-year college" means the ratio of the number of first-time, full-time degree-seeking or certificate-seeking students who remain at the institution for the following semester compared to the total number of full-time degree-seeking or certificate-seeking students at the institution during the previous semester, expressed as a percentage value; and

(10) "Retention rate for the university" means the ratio of the number of first-time, full-time, degree-seeking students who continue from their freshman year at the institution to their second year at the institution compared to the total number of first-time, full-time, degree-seeking students who began at the institution as freshmen during the previous year, expressed as a percentage value.