(1) "Approved institution" means an institution of higher education approved by the Department of Higher Education to participate in the Arkansas Academic Challenge Scholarship Program that is:
(A) A state-supported institution of higher education;
(B) A private, nonprofit institution of higher education with its primary headquarters located in Arkansas that is eligible to receive Title IV federal student aid funds; or
(C) A nursing school with its primary headquarters located in Arkansas that is eligible to participate in Title IV federal student aid programs and has been;
(2) "Eligible student" means any student who:
(A) Meets the criteria set out by this subchapter; and
(B) Is deemed to be eligible by rules authorized by this subchapter and promulgated by the Department of Higher Education;
(3) "Financial need" means the family income of program applicants as determined by the Department of Higher Education through evaluation of program applications and supporting documentation;
(4)
(A) "Full-time undergraduate student" means a resident of Arkansas who attends an approved institution and who is enrolled for at least twelve (12) credit hours the first semester and fifteen (15) credit hours thereafter or the equivalent, as defined by the Department of Higher Education, in a program of study that leads to or is creditable toward a baccalaureate degree, an associate degree in nursing, or a nursing school diploma.
(B) A recipient receiving an Arkansas Academic Challenge Scholarship for the eighth semester shall not be required to be enrolled in fifteen (15) hours and shall be considered a "full-time undergraduate student" if the recipient is enrolled in the appropriate number of course credit hours to earn a degree or diploma at the end of that semester;
(5) "Recipient" means an applicant awarded a scholarship funded through the program;
(6) "Tuition" means charges levied for attendance at an approved institution, including mandatory fees charged to all full-time undergraduate students by an approved institution; and
(7) "Unemancipated child" means a dependent child as defined by the United States Department of Education for student aid purposes.
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