Except as provided for rural medical practice student loans and scholarships under Arkansas Code § 6-81-701 et seq., the Arkansas State Board of Nursing shall not suspend or revoke a license that has been issued to an individual solely on the basis of that individual being:

1. (1) In default on the repayment obligations required by one (1) or more student loans;
2. (2) Delinquent in the payments of one (1) or more student loans;
3. (3) In default on the satisfaction of the requirements and conditions of a scholarship; or
4. (4) Delinquent in the satisfaction of the requirements and conditions of a scholarship.