Amends TCA Title 49, Chapter 4, Part 9.

This bill expands the definition of "eligible independent postsecondary institution" to include, for purposes of eligibility of students in attendance for scholarships and grants funded from net proceeds of the state lottery, a private postsecondary institution with the following characteristics:<br /> <br /> (1) Has established a partnership with this state pursuant to a memorandum of understanding executed by the governor;<br /> (2) Is accredited by a regional accrediting association;<br /> (3) Utilizes a competency-based model;<br /> (4) Has established and continuously maintains a physical campus or location of operation within this state;<br /> (5) Maintains a governing body or advisory board based in Tennessee with oversight of Tennessee operations; and<br /> (6) Has been chartered in this state as a not-for-profit entity for at least five consecutive years.<br /> <br />