(a) Except as provided by Subsection (b), a person is eligible to participate in the program only if the person:
(1) is enrolled as a student of the college or applies to participate in the program on or before the fourth anniversary of the date the person graduates from the college;
(2) will receive or has received from a student loan at least 50 percent of the funds for tuition and fees for one or more academic years while enrolled in the college; and
(3) meets any additional qualifications adopted by the committee.
(b) A person enrolled as a student in an accredited college of veterinary medicine located outside of this state may apply under Subsection (a) to participate in the program if the student graduated from a high school located in this state or a general academic teaching institution located in this state.