The State Teacher Education Program shall be used to provide:

1. (1) A loan repayment for federal student loans in the amount of six thousand dollars ($6,000) per year, for a maximum of three (3) years for each year a licensed teacher who graduated from a teacher education program after April 2004 and teaches in a public school in this state or successfully completed an alternative educator preparation program after April 2004 and teaches in a public school in the program:

   1. (A) In a subject matter area designated by the Division of Higher Education, in consultation with the Division of Elementary and Secondary Education, as having a critical shortage of teachers; and
   2. (B) Located in a geographical area of the state designated by the Division of Higher Education, in consultation with the Division of Elementary and Secondary Education, as having a critical shortage of teachers.
2. (2) A licensed teacher who is given intensive support status under the Teacher Excellence and Support System, Arkansas Code § 6-17-2801 et seq., shall be ineligible for receipt of funds under the program for the school year.