Section 2. Recognition.
For purposes of establishing institutional eligibility under Title IV of the Higher Education Act of 1965 (Public Law 89-329, 79 Stat. 1219), the schools enumerated in section 3 are recognized by name as educational institutions by the Commonwealth and authorized to operate as educational institutions in this Commonwealth if they satisfy the following conditions:
(1) The school admits as regular students only those individuals who are eligible beyond the age of compulsory education or have a high school diploma or a diploma based on passing general educational development tests or an equivalent test.
(2) The school is licensed or approved by name and authorized by a State licensing board, the Department of State or the State Board of Education, under State law to offer at least one training program beyond the secondary level.