As used in the Teacher Loan for Service Act:

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

B. “loan” means a payment of money under contract between the commission [department] and a student that defrays the costs incidental to a teacher preparation program offered in a regionally accredited post-secondary educational institution in New Mexico and that requires repayment in services;

C. “student” means a United States citizen who is enrolled in or accepted by an undergraduate or graduate teacher preparation program at a regionally accredited post- secondary educational institution in New Mexico; and

D. “teacher preparation program” means a program that has been formally approved as meeting the requirements of the public education department and that leads to initial licensure or to additional licensure endorsements, including a program in a two-year post-secondary educational institution that meets the requirements for a teacher education transfer module established pursuant to Subsection C of Section 21- 1B-4 NMSA 1978.