by the National Center for Education Statistics. (26) Credential level (A) In general The term credential level means the level of the degree or other credential awarded by an institution of higher education to students who complete a program of study of the institution. Each degree or other credential awarded by an institution shall be categorized by the institution as either undergraduate credential level or graduate credential level. (B) Undergraduate credential When used with respect to a credential or credential level, the term undergraduate credential includes credentials such as an undergraduate certificate, an associate degree, a bachelor’s degree, and a post-baccalaureate certificate. (C) Graduate credential When used with respect to a credential or credential level, the term graduate credential includes credentials such as a master’s degree, a doctoral degree, a professional degree, and a postgraduate certificate. (27) Program of study The term program of study means an academic program of study offered to students by an institution of higher education that— (A) upon completion of the program, results in the award of a credential to a student, including a degree, diploma, or certificate, for one credential level