The Commission shall determine which institutions are eligible for aid under this chapter. To qualify for State aid under this chapter, an institution of higher education shall: Be a nonprofit private: College or university that was established in the State before July 1, 1970, Institution of higher education that formerly received State aid as a component of a private college or university that was established in this State before July 1, 1970, or Institution of higher education that is established in this State and grants an associate of arts degree; Be approved by the Commission; Be: Accredited by the Commission on Higher Education of the Middle States Association of Colleges and Schools, or A candidate for accreditation under §B(3)(a) of this regulation that is subject to an affirmative action plan approved by the Commission, and is authorized by the Commission for participation in the program established under this chapter; Have awarded the associate of arts or baccalaureate degrees to at least one graduating class; Maintain one or more earned degree programs, other than seminarian or theological programs, leading to an associate of arts or baccalaureate degree; and Submit each new program and each major modification of an existing program to the Commission for its review and recommendation as to the initiation of the new or modified program.