Definitions; eligibility

For the purpose of this subchapter: The term “educational and general expenditures” means the total amount expended by an institution for instruction, research, public service, academic support (including library expenditures), student services, institutional support, scholarships and fellowships, operation and maintenance expenditures for the physical plant, and any mandatory transfers that the institution is required to pay by law. The term “eligible institution” means— an institution of higher education— that is— The term “endowment fund” means a fund that— The term “full-time equivalent students” means the sum of the number of students enrolled full time at an institution, plus the full-time equivalent of the number of students enrolled part time (determined on the basis of the quotient of the sum of the credit hours of all part-time students divided by 12) at such institution. The term “Hispanic-serving institution” means an institution of higher education that— The term “junior or community college” means an institution of higher education— that— For the purpose of this subchapter, the term “enrollment of needy students” means an enrollment at an institution with respect to which—