; (II) by expressing a student’s level of mastery of competencies in terms of equivalent credit or clock hours; or (III) by a combination of the methods described in subclauses (I) or (II) and credit or clock hours; and (ii) provides the educational content, activities, and resources, including substantive instructional interaction, including by faculty, and regular support by the institution, necessary to enable students to learn or develop what is required to demonstrate and attain mastery of such competencies, as assessed by the accrediting agency or association of the institution of higher education. (B) Competency-based education program Except as otherwise provided, the term competency-based education program means a postsecondary program offered by an institution of higher education that— (i) provides competency-based education, which upon a student’s demonstration or mastery of a set of competencies identified and required by the institution, leads to or results in the award of a certificate, degree, or other recognized educational credential; (ii) ensures title IV funds may be used only for learning that results from instruction provided, or overseen, by the institution, not for the portion of the program of which the student has demonstrated mastery prior to enrollment in the program or tests of learning that are not associated with educational activities overseen by the institution