Definition of nonprofit institution of higher education

Section 103(13) of the Higher Education Act of 1965 (20 U.S.C. 1003(13)) is amended by inserting at the end the following: Notwithstanding the preceding sentence, in the case of an institution of higher education that is an organization described in section 501(c)(3) of the Internal Revenue Code and exempt from taxation under section 501(a) of such Code, such institution of higher education shall be deemed to be a nonprofit institution of higher education for purposes of this Act..