The department of education, division of educator support and higher education shall prepare a note for signature of any medical student who is a recipient hereunder. The note shall be in an amount that equals the amount paid by the state treasurer for their respective enrollment. Repayment of the note shall be made in equal annual installments beginning on the anniversary date of the recipient’s graduation date or termination of enrollment, whichever shall first occur, provided, however, that if the recipient continues without interruption of his or her medical education and/or his or her intern requirements said anniversary date shall be the anniversary of the date on which said continued education or internship terminates. Within a period equal to twice the number of school years of his or her respective enrollment, plus one year, all installments shall be paid in full to the division. The division shall reduce any annual installment by
1/2, providing the recipient has practiced medicine on a full time basis in New Hampshire during 8 of the preceding 12 months.