(a) In selecting from among eligible applicants a person who will be granted a loan under AS 14.43.250 — 14.43.325, the administering authority shall consider the following:

1. (1) the applicant's career goals and aspirations;
2. (2) the applicant's prior academic record;
3. (3) the financial need of the applicant; and
4. (4) other items that may be considered relevant by the administering authority to determine whether an applicant will receive a loan.

(b) To assist the administering authority in selecting eligible applicants for award of each of the memorial education loans under AS 14.43.250 — 14.43.325 and in reviewing the memorial education loan program, the following advisory committees are established:

1. (1) three Alaska state troopers, each one to be selected from and to represent a state trooper region of the state by the regional commander to serve for three years, for the Michael Murphy memorial education loan;
2. (2) [Repealed, § 24 ch 22 SLA 2001.]
3. (3) three members of the state Board of Registration for Architects, Engineers, and Land Surveyors selected annually by the board from among its engineer members, for the Harvey Golub memorial education loan; and
4. (4) three members of the state Board of Education and Early Development, or of the staff of the Department of Education and Early Development, or any combination of these, selected annually by the board, for the Robert L. Thomas memorial education loan.