; (2) is legally authorized by the State in which it maintains a physical location to provide a program of education beyond secondary education; (3) (A) is accredited by a nationally recognized accrediting agency or association; or (B) if not so accredited, is an institution that has been granted preaccreditation status by such an agency or association that has been recognized by the Secretary for the granting of preaccreditation status, and the Secretary has determined that there is satisfactory assurance that the institution will meet the accreditation standards of such an agency or association within a reasonable time; and (4) provides— (A) an educational program for which the institution awards a bachelor’s degree, graduate degree, or professional degree; (B) not less than a 2-year educational program which is acceptable for full credit towards a bachelor’s degree