proprietary institution of higher education
(1) Principal criteria For the purpose of this section, the term “proprietary institution of higher education” means a school that— (A) (i) provides an eligible program of training to prepare students for gainful employment in a recognized occupation; or (ii) (I) provides a program leading to a baccalaureate degree in liberal arts, and has provided such a program since January 1, 2009 ; and (II) is accredited by a recognized regional accrediting agency or association, and has continuously held such accreditation since October 1, 2007 , or earlier; (B) meets the requirements of paragraphs (1) and (2) of section 1001(a) of this title ; (C) does not meet the requirement of paragraph (4) of section 1001(a) of this title ; (D) is accredited by a nationally recognized accrediting agency or association recognized by the Secretary pursuant to part H of subchapter IV; and (E) has been in existence for at least 2 years.