(1) "Approved institution of higher education" means an institution of higher education approved by the Department of Higher Education to participate in the Arkansas Future Grant Program and that is:

(A) A state-supported two-year or four-year college or university;

(B) A state-supported technical institute; or

(C) An approved state-supported school of nursing;

(2) "Approved state-supported school of nursing" means a state-supported school of nursing with its primary headquarters located in Arkansas that:

(A) Prepares students as registered nurses;

(B) Grants nursing diplomas;

(C) Is eligible to participate in the federal student aid programs of the Higher Education Act of 1965, 20 U.S.C. § 1070 et seq.;

(D) Is approved by the Arkansas State Board of Nursing;

(E) Has been approved by the Department of Higher Education as eligible to participate in the Arkansas Future Grant Program; and

(F) Is not a two-year or four-year college or university;

(3) "Federal student financial assistance" means scholarships or grants awarded to a student as a result of:

(A) An approved Free Application for Federal Student Aid (FAFSA), including without limitation a Pell Grant; or

(B) The student's or other family member's service in the United States Armed Forces, including without limitation the Army National Guard or Air National Guard;

(4) "Private scholarship" means a scholarship or grant awarded by a private entity or donor; and

(5) "State-supported student financial assistance" means a state-supported scholarship, grant, tuition waiver, or tuition reimbursement funded with state funds or net proceeds from the state lottery awarded by:

(A) The Department of Higher Education; or

(B) A scholarship or grant awarded by an approved institution of higher education in this state funded, in whole or in part, by state funds, including without limitation:

(i) Scholarships awarded on the basis of entrance exam scores or high school academic achievement;

(ii) Tuition waivers based on age, military service, occupation, or other factors;

(iii) Performance scholarships for band, musical performing groups, arts, theater, forensics, and similar activities that are not awarded on the basis of entrance exam scores or high school academic achievement; and

(iv) Any other publicly funded program under which students are not charged or are reimbursed by the approved institution of higher education for tuition, fees, books, or other costs of attendance.