The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:

“Agency.” The Pennsylvania Higher Education Assistance Agency.

“Approved course of study.” A program or curriculum offered by a postsecondary educational institution that provides instruction in science, technology and related fields and that has been approved by the Department of Education in consultation with the Pennsylvania Workforce Investment Board, as required under section 3 of the act of June 23, 1999 (P.L. 159, No. 22),¹ known as the New Economy Technology Scholarship Act.

“Approved educational institution.” A postsecondary educational institution located in this Commonwealth that is authorized to provide approved courses of study and grant degrees and that has been approved by the Pennsylvania Higher Education Assistance Agency as an institution in which students may enroll to participate in the New Economy Technology Scholarship Program.

“Department.” The Department of Education of the Commonwealth.

“Emerging technology company.” A company located in this Commonwealth that is involved in scientific research and product development, technology or a related field which is either less than eight years from incorporation or employs fewer than 500 full-time employees.

“Pennsylvania Workforce Investment Board.” A public and private partnership that provides strategic planning, program coordination and evaluation of Pennsylvania's work force training efforts.

“Program.” The Technology Work Experience Internship Program established under this chapter.

“Student.” An individual domiciled in this Commonwealth who attends an approved educational institution and who is enrolled in an approved course of study.

“Work experience internship.” An internship or work experience in a science, technology or related field with an emerging technology employer located within this Commonwealth for which the student receives compensation and which is approved by a postsecondary institution listed as an approved educational institution by the Pennsylvania Higher Education Assistance Agency.