- (a) As funds are made available, any Arkansas resident who is enrolled in, or has been accepted for admission to, an approved school of nursing in this state or in a nationally accredited school outside the state in a course of study leading to qualification as a registered nurse, licensed practical nurse, or nurse educator shall be eligible to make application to the Arkansas State Board of Nursing for a nursing educator loan or a nursing practice loan.
(b) The board may, depending upon available funds, make a nursing educator loan or a nursing practice loan to an applicant when it determines that the applicant:
- (1) Warrants financial assistance to complete his or her nursing studies; and
(2) Has signed a written agreement to, upon graduation and licensure and for one (1) year for each year a loan is granted:
- (A) Either:
(i) Teach in a nursing education program in the State of Arkansas if granted a nursing educator loan; or
(ii) Engage in practice as a registered nurse or licensed practical nurse in the State of Arkansas if granted a nursing practice loan; and
- (B) Repay each loan with interest at the maximum legal rate if the applicant fails to fulfill the requirements of the board.