As used in the Medical Student Loan for Service Act:

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A. “commission” [“department”] means the commission on higher education [higher education department];

B. “loan” means a grant of funds to defray the costs incidental to a medical education under a contract between the commission [department] and a medical student requiring either repayment with interest or repayment in services; and

C. “student” means a resident of New Mexico who is a student enrolled in a school of medicine.