(1) "College opportunity fund" or "fund" means the college opportunity fund created in section 23-18-202.

(2) "College opportunity fund program" or "program" means the college opportunity fund program created in the department of higher education pursuant to section 23-18-201 (1).

(3) "Commission" means the Colorado commission on higher education established pursuant to section 23-1-102.

(4) "Department" means the Colorado department of higher education established pursuant to section 24-1-114, C.R.S.

(5) (a) "Eligible undergraduate student" means:

(I) A student who is enrolled at a state institution of higher education and who is classified as an in-state student for tuition purposes;

(I.5) A student who is enrolled at a state institution of higher education as part of a pathways in technology early college high school that is approved as provided in article 35.3 of title 22, C.R.S., and who is classified as an in-state student for tuition purposes; or

(II) A student who is enrolled at a participating private institution of higher education and who:

(A) Is classified as an in-state student for tuition purposes;

(B) Is a graduate of a Colorado high school or has successfully completed a nonpublic home-based educational program as provided in section 22-33-104.5, C.R.S.;

(C) Demonstrates financial need through the student's eligibility for the federal Pell grant, or its successor program;

(C.5) Is not pursuing a professional degree in theology; and

(D) Meets any other eligibility requirements established by the commission.

(b) (Deleted by amendment, L. 2005, p. 1011, § 1, effective June 2, 2005.)

(c) Notwithstanding the provisions of paragraph (a) of this subsection (5), a student shall not be considered an "eligible undergraduate student" during the first year the student attends a Colorado institution of higher education if the student receives status as an in-state student for tuition purposes pursuant to section 23-7-111.

(6) "Governing board" means the governing body of a state institution of higher education.

(7) "Institution of higher education" means a participating private institution of higher education or a state institution of higher education.

(8) "Participating private institution of higher education" means a private institution of higher education that enters into a performance contract with the department pursuant to section 23-18-201 (2) and agrees to participate in the program.

(9) "Private institution of higher education" means a not-for-profit college or university that maintains its primary place of business in the state of Colorado, that offers general baccalaureate degrees in arts and sciences, and that is institutionally accredited on the basis of an on-site review in Colorado by one of the six nationally recognized regional accrediting associations or by an accrediting agency determined by the commission to be appropriate to its educational purposes and programs.

(9.5) "Professional degree in theology" means a certificate signifying a person's graduation from a degree program that is:

(a) Devotional in nature or designed to induce religious faith; and

(b) Offered by an institution as preparation for a career in the clergy.

(10) (a) "State institution of higher education" means a public postsecondary institution that is governed by:

(I) The board of governors of the Colorado state university system;

(II) The board of regents of the university of Colorado;

(III) The board of trustees of the Colorado school of mines;

(IV) The board of trustees of the university of northern Colorado;

(V) The board of trustees of Adams state university;

(VI) The board of trustees of Western state Colorado university;

(VII) The board of trustees of Colorado Mesa university;

(VIII) The board of trustees for Fort Lewis college;

(IX) The board of trustees for Metropolitan state university of Denver; or

(X) The state board for community colleges and occupational education.

(b) "State institution of higher education" does not include a local district college that is part of a local college district organized pursuant to article 71 of this title, which districts shall continue to be eligible for direct grant funding from the general assembly pursuant to section 23-71-301.

(11) "Stipend" means the amount of money per credit hour specified pursuant to section 23-18-202 (2)(b) held in trust for and paid on behalf of an eligible undergraduate student pursuant to section 23-18-202 (5). "Stipend" shall also include payment on behalf of an eligible undergraduate student for a part of a credit hour.

(12) "Student's share of in-state tuition" means, except as provided in section 23-18-303 (8), the amount of total in-state tuition, less any amount paid on behalf of the student as a stipend.

(13) "Total in-state tuition" means the total amount of tuition that is paid to a state institution of higher education by or on behalf of a student who is eligible to pay in-state tuition, including but not limited to the amount of the stipend paid on behalf of the student.