As used in this subchapter:
(1) “Approved institution” means a state-supported institution of higher education, a nursing school, or a private nonprofit institution of higher education that:
(A) Maintains its primary headquarters in the state;
(B) Is eligible to receive Title IV federal student aid program funds; and
(C) Is approved by the Division of Higher Education as eligible to participate in the State Teacher Education Program;
(2) “Eligible student” means a student who:
(A) Meets the criteria set out in this subchapter; and
(B) Is found to be eligible by rules promulgated by the Division of Higher Education; and
(3) “Teacher education program” means a program administered by the Division of Higher Education that provides loan repayments to a licensed teacher who teaches in a subject area or a geographic area with teacher shortage as determined by the Division of Higher Education in consultation with the Division of Elementary and Secondary Education.