The school of medicine and health sciences loan fund must be administered as a revolving loan fund by the university of North Dakota under the direction and control of the state board of higher education. As used in this chapter, the word “university” means the university of North Dakota under the direction and control of the state board of higher education. All moneys transferred into the fund, interest upon moneys in the fund, and payments to the fund of principal and interest on loans made from the fund are appropriated for the purpose of providing loans to qualified applicants.