As used in the Nursing 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 nursing education, under a contract between the commission [department] and a nursing student, requiring repayment with services or repayment with interest;

C. “student” means a resident of New Mexico who is a student enrolled in a program of nursing; and

D. “program of nursing” means a nursing education program in a New Mexico institution accredited by a member of the council on post-secondary accreditation or a nursing education program approved by the New Mexico board of nursing.