An applicant shall be eligible for a loan under this chapter when the chief executive officer, after consultation with the executive committee of the Maine Osteopathic Association, finds that the applicant:
1. Residency. Has been a resident of this State for a minimum of 3 years at any time prior to application;
2. Qualifications. Is attending or will immediately attend an osteopathic college or university accredited by the American Osteopathic Association;
3. Financial resources. Will, in the absence of a loan, be deterred by financial considerations from beginning or completing a course of study at an osteopathic college or university; and
4. Return to Maine. Shows a genuine interest in returning to this State to practice osteopathic medicine.