(a) The teacher education loan program shall be administered by the commission in accordance with regulations adopted by the commission. The commission shall
- (1) allocate the loan awards available for teacher education loans annually to local school boards giving a preference to rural school districts; and
- (2) develop and distribute to the local school boards an application form for teacher education loans; the form must include a requirement that the applicant supply a high school academic transcript and a statement of intent to enter a teaching career at the elementary or secondary school level in the state.