Any private, nonprofit postsecondary institution located in this state, recognized as an exempt organization under 26 U.S.C. § 501(c)(3) as of January 1, 2024, and authorized to provide educational programs pursuant to chapter 13-48 , may participate in the state's tuition benefit program for members of the South Dakota National Guard. To participate in the program, the institution must agree to accept the amount of the state tuition benefit for an undergraduate degree program under § 33-6-5 or for a graduate degree program under § 33-6-5.1 and the amount of any federal tuition benefit as full and complete payment of tuition for any student who meets the institution's admission requirements and the eligibility requirements of §