173.778.  Definitions. — As used in sections 173.775 to 173.796, the following terms mean:

  (1)  "Board", the coordinating board for higher education;

  (2)  "Eligible institution", any approved public or private institution of postsecondary education, as defined in section 173.205 or any other Missouri private institution that:

  (a)  Is required by statute to be certified to operate by the board;

  (b)  Is institutionally accredited by a United States Department of Education recognized accrediting commission;

  (c)  Has operated continuously in the state of Missouri for five or more years;

  (d)  Has no more than fifty percent of its students in correspondence programs;

  (e)  Offers a one-year or two-year certificate, associate or baccalaureate degree programs, or graduate or professional degree programs; and

  (f)  Is approved for participation in the advantage Missouri program by the board;

  (3)  "Eligible student", an individual who is enrolled full time in an eligible institution, unless the board approves less than full-time enrollment, who meets the eligibility requirements pursuant to subsection 1 of section 173.215 and who meets the following additional requirements:

  (a)  Has received a high school diploma, general educational development certificate (GED), or its equivalent;

  (b)  Maintains satisfactory academic progress as determined by the eligible institution such student attends in pursuing a one-year or two-year certificate, associate or baccalaureate degree, or graduate or professional degree.  Failure to maintain satisfactory academic progress shall result in ineligibility for continued participation in the program and ineligibility for forgiveness of any loan or loans received;

  (c)  Is not currently confined in any federal or state correctional facility or jail;

  (d)  Has not defaulted on the repayment of any previously granted higher education loan; and

  (e)  Submits an application provided by the board for participation in the program;

  (4)  "Fund", the advantage Missouri trust fund, established in section 173.775; and

  (5)  "Occupational areas of high demand", specific professions or skill areas for which the board determines that the state is experiencing a shortage of qualified employees;

  (6)  "Program", the advantage Missouri program established pursuant to sections 173.775 to 173.796.