1. (1) A formal agreement stipulating the community or the position in Alabama public health or state institution, years of service, and other pertinent facts shall be signed by the chair of the Board and each recipient who receives approval to repay his or her loan with service.
2. (2) Repayment with service credit will be prorated in the amount of twenty-five percent(25%) of the total outstanding principal plus interest per year for each of four (4) years of exclusive optometric practice in an approved community of less than five thousand (5,000) population.
3. (3) Repayment with service credit will be prorated in the amount of twenty percent (20%)of the total outstanding principal plus interest per year for each of five (5) years of exclusive optometric practice in an approved community of more than five thousand (5,000) and less than fifteen thousand (15,000) population.
4. (4) Repayment with service credit will be prorated in the amount of ten percent (10%) of the total outstanding principal plus interest per year for each of five (5) years of exclusive optometric practice in an approved community of more than fifteen thousand (15,000) and less that one hundred thousand (100,000). Repayment, in cash, of one-half (1/2) the principal plus interest annually will be prorated in five (5)annual payments beginning at the end of the first year of practice.
5. (5) Repayment with service credit will be prorated in the amount of twenty-five percent (25%) of the total outstanding principal plus interest per year for each year of service in a position in Alabama in public health or as an optometrist in any state institution approved by the Board.
6. (6) Repayment with service credit is available for part-time service in an approved community that is one of the top 50 percent (50%) of areas with the highest rank of need under the most recent Optometric Shortage Index. The loan recipient shall spend an average of 20 hours per week, per month, on an annual basis practicing direct patient care in the designated area to receive partial forgiveness up to 50 percent (50%) of his or her annual loan amount.
7. (7) For loans of less than four years of study, service repayment may be prorated on the basis of one-fourth of the above requirements for each loan.

Author: Board of Optometric Scholarship and Loan Awards

Statutory Authority: Code of Ala. 1975, §§ 34-22-60, et seq.

History: Filed September 7, 1984. Amended: Published June 30, 2025; effective August 14, 2025.