(a) A school district board of trustees may adopt a policy that allows a student to be awarded credit toward high school graduation for completing a college-level course. The course must be provided only by an institution of higher education that is accredited by one of the following regional accrediting associations:(1) Southern Association of Colleges and Schools;(2) Middle States Association of Colleges and Schools;(3) New England Association of Schools and Colleges;(4) North Central Association of Colleges and Schools;(5) Western Association of Schools and Colleges; or(6) Northwest Association of Schools and Colleges.(b) To be eligible to enroll and be awarded credit toward state graduation requirements, a student must have the approval of the high school principal or other school official designated by the school district. The course for which credit is awarded must provide advanced academic instruction beyond, or in greater depth than, the essential knowledge and skills for the equivalent high school course.