As used in this part, unless the context clearly indicates otherwise, the following definitions apply:
(1) "Agency" means the entity designated by the board to administer student loans.
(2) "Board" means the board of regents of higher education.
(3) "Eligible educational institution" means any institution approved by the United States secretary of education as eligible to participate in the student loan program pursuant to Title IV of the Higher Education Act of 1965, as amended.
(4) "Eligible lender" means any lender as defined under Title IV of the Higher Education Act of 1965, as amended.
(5) "Student loan program" means the program established by the board pursuant to this part.