Sec. 14. "Resident" means a United States citizen or alien who is admitted into the United States for lawful, permanent residence and who:
(1) attends an eligible institution in Indiana;
(2) lives in Indiana and attends an eligible institution outside Indiana;
(3) lives outside Indiana and attends an eligible institution outside Indiana, but who:
(A) previously was a resident described in subdivision (1) or (2); and
(B) as a resident had a loan guaranteed by the commission under IC 21-16-4;
(4) resides in a county contiguous to the boundary of Indiana; or
(5) resides in a county that the commission approves as being within the servicing area of a participating lender, and the lender is located in Indiana or in a county contiguous to the boundary of Indiana.