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(b) Proprietary institution of higher education <br />(1) Principal criteria. For the purpose of this section, the term "proprietary institution of <br />higher education" means a school that- <br />(A) Provides an eligible program of training to prepare students for gainful employment <br />in a recognized occupation; <br />(B) Meets the requirements of paragraphs (1) and (2) of section 1001 (a) of this title; <br />(C) Does not meet the requirement of paragraph (4) of section 1001 (a) of this title; <br />(D) Is accredited by a nationally recognized accrediting agency or association recognized <br />by the Secretary pursuant to part G of subchapter IV of this chapter; <br />(E) Has been in existence for at least 2 years; and <br />(F) Has at least 10 percent of the school's revenues from sources that are not derived <br />from funds provided under subchapter IV of this chapter and part C of subchapter I of <br />chapter 34 of title 42, as determined in accordance with regulations prescribed by the <br />Secretary. <br />(2) Additional institutions. The term "proprietary institution of higher education" also <br />includes a proprietary educational institution in any State that, in lieu of the requirement <br />in paragraph (1) of section 1001 (a) of this title, admits as regular students persons who <br />are beyond the age of compulsory school attendance in the State in which the institution <br />is located. <br />(c) Postsecondary vocational institution. <br />(1) Principal criteria. For the purpose of this section, the term "postsecondary vocational <br />institution" means a school that- <br />(A) Provides an eligible program of training to prepare students for gainful employment <br />in a recognized occupation; <br />(B) Meets the requirements of paragraphs (1), (2), (4), and (5) of section 1001 (a) of this <br />title; and <br />(C) Has been in existence for at least 2 years. <br />(2) Additional institutions. The term "postsecondary vocational institution" also includes an <br />educational institution in any State that, in lieu of the requirement in paragraph (1) of <br />section 1001 (a) of this title, admits as regular students persons who are beyond the age <br />of compulsory school attendance in the State in which the institution is located. <br />iii29i2oio Page 3-33 <br />