The National Collegiate Honors Council (NCHC) offers the following definition:
"The National Collegiate Honors Council recognizes an honors college, program, institute, or equivalent descriptor, as the academic unit on a collegiate campus responsible for devising and delivering in-class and extracurricular academic experiences that provide a distinctive learning environment for selected students. The honors college or program provides opportunities for measurably broader, deeper, and more complex learning-centered and learner-directed experiences for its students than are available elsewhere in the institution; these opportunities are appropriately tailored to fit the institution’s culture and mission and frequently occur within a close community of students and faculty. In most cases, the honors community is composed of carefully selected teachers and students who form a cross- or multi-disciplinary cohort dedicated to achieving exceptional learning and personal standards. The National Collegiate Honors Council recognizes “departmental honors” as educational experiences that are similar but restricted to cohorts of students pursuing the same field of academic study."
https://www.nchchonors.org/uploaded/NCHC_FILES/PDFs/Definition-of-Honors-Education.pdf