To be eligible for assistance under this subchapter, a tribally controlled college or university must be one which—

((1)) is governed by a board of directors or board of trustees a majority of which are Indians;

((2)) demonstrates adherence to stated goals, a philosophy, or a plan of operation which is directed to meet the needs of Indians;

((3)) if in operation for more than one year, has students a majority of whom are Indians; and

((4))

((A)) is accredited by a nationally recognized accrediting agency or association determined by the Secretary of Education to be a reliable authority with regard to the quality of training offered; or

((B)) according to such an agency or association, is making reasonable progress toward accreditation.