Prohibits the student achievement council from approving new applications from the following, with regard to eligibility for state financial aid programs: (1) A university, college, school, or institute owned or operated by a corporation for profit; or

(2) A university, college, school, or institute owned, operated, purchased, or acquired by a not-for-profit corporation if the university, college, school, or institute previously operated in the state under the ownership of a corporation for profit.