“Institution of higher education,” for the purposes of this title, means an educational institution which:

1. Admits as regular students only individuals having a certificate of graduation from a high school, or the recognized equivalent of such a certificate;

2. Is legally authorized in this Commonwealth to provide a program of education beyond high school;

3. Provides an educational program for which it awards a bachelor’s or higher degree, or provides a program which is acceptable for full credit toward such a degree, a program of postgraduate or postdoctoral studies, or a program of training to prepare students for gainful employment in a recognized occupation;

4. Is a public or other nonprofit institution; and

5. Notwithstanding any of the foregoing provisions of this subsection, all colleges and universities in this Commonwealth are institutions of higher education for purposes of this section.