; or (B) is a major corporation that has an operation located in— (i) an enterprise zone; or (ii) an area in which, according to the most recent data available, the unemployment rate exceeds the national average unemployment rate by more than two percentage points. (2) Enterprise zone The term enterprise zone has the meaning given the term HUBzone in section 3 of the Small Business Act ( 15 U.S.C. 632 ). (3) Institution of higher education Except as provided in paragraph (3)(B), the term institution of higher education has the meaning given the term in section 101 of the Higher Education Act of 1965 ( 20 U.S.C. 1001 ). (4) Major corporation The term major corporation means an employer that earns an annual revenue of not less than $5,000,000 and employs not less than 50 employees. (5) Recent college graduate (A) In general The term recent college graduate means an individual— (i) who has received a baccalaureate or associate degree from an institution of higher education on or after the date that is 24 months before the grant benefitting the graduate is awarded under this section