The following words when used in this article have the meaning hereinafter ascribed to them, unless the context clearly indicates a different meaning:
(a) "Board" or "governing board" means the university of West Virginia board of trustees or the board of directors of the state college system, whichever is applicable within the context referred to in this article, unless the context clearly indicates a different meaning.
(b) "Eligible lending institution" or "institution" means a financial institution that is eligible to make commercial loans, is a public depository of state funds and agrees to participate in the West Virginia higher education student assistance loan program.
(c) "Eligible student" means any individual who:
(1) Is a citizen or eligible noncitizen of the United States;