The following words or terms, when used in this Subchapter, shall have the following meaning, unless the concept clearly indicates otherwise:
"Private or Independent institution,"means an institution of higher learning that is not a public institution within the Oklahoma State System of Higher Education. The institution must be a not-for-profit entity, domiciled within Oklahoma, accredited by the Oklahoma State Regents for Higher Education, and fully accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools or a national accrediting body recognized by the United States Department of Education. [70 O.S., § 2632]
Okla. Admin. Code § 610:25-31-2