(a) Definitions. As used in this section, unless the context in which the term used clearly requires a different meaning:
“Approved service commitment area” means a location in West Virginia that is both a federally designated geographic, population, or facility-based health professions shortage area and in a medical specialty in which there is a shortage of physicians, as determined by the states Department of Health and Human Resources, at the time the loan was issued.
“Medical schools” means the Marshall University School of Medicine, the West Virginia University School of Medicine, and the West Virginia School of Osteopathic Medicine.
“Person” means the recipient of a medical student loan issued in accordance with the provisions of this section by a medical school as defined herein.
“West Virginia residents” means persons who are citizens or legal residents of the United States and have resided in West Virginia for at least one year immediately preceding the date of application for a medical student loan.
(b) There are hereby established the medical student loan program at the Marshall University School of Medicine, the West Virginia University School of Medicine, and the West Virginia School of Osteopathic Medicine.
(c) Subject to the availability of funds as established in 18C-3-1(d) of this code, the medical schools may make medical student loans in accordance with the provisions of this section to students enrolled in or admitted to their respective medical schools in a course of instruction leading to the degree of doctor of medicine or doctor of osteopathy who enter into a written medical student loan agreement with the medical school in accordance with 18C-3-1(i) of this code. The number of awards shall be determined by the availability of funds in this program at each school in any given academic year; Provided, That the availability of funds does not require the medical schools to issue or renew medical student loans.
(d) There are hereby continued the special revolving fund accounts at the Marshall University School of Medicine, the West Virginia University School of Medicine, and the West Virginia School of Osteopathic Medicine, which shall be used to carry out the purposes of this section.
(1) The funds shall consist of all moneys currently on deposit in such accounts or which are due or become due for deposit into such accounts as obligations made under the previous enactment of this section; those funds provided for medical education pursuant to the provisions of 18B-10-4 of this code; appropriations provided by the Legislature; repayment of any loans made under this section; amounts provided by medical associations, hospitals, or other medical provider organizations in this state, or by political subdivisions of the state, under an agreement which requires the recipient to practice his or her health profession in this state or in the political subdivision providing the funds for a predetermined period of time and in such capacity as set forth in the agreement; and any other amounts which may be available from external sources.