The Military Department through the Adjutant General, in consultation with the staff of the South Carolina Student Loan Corporation, shall develop a loan repayment program whereby talented and qualified state residents may attend state public or private colleges and universities for the purpose of providing incentives for enlisting or remaining in the South Carolina National Guard in areas of critical need. Areas of critical need must be defined annually for that purpose by the state Adjutant General. The Adjutant General shall promulgate appropriate regulations to set forth the terms of the loan repayment program, upon the advice of a loan repayment advisory board. The loan repayment advisory board shall consist of the Adjutant General, the State Command Sergeant Major, and three commissioned officers of the South Carolina National Guard. The Governor, Superintendent of Education, and the Adjutant General each shall appoint one such officer. The regulations shall define limitations on monetary repayment amounts, successful participation within the National Guard, successful school matriculation, and other requirements for participation in the loan repayment program. In case of failure to complete the term of enlistment, failure to successfully participate in the National Guard, noncompliance by a borrower with the terms of the loan, or failure to comply with regulations of the program, the borrower's participation in the loan repayment program may be terminated and the borrower remains subject to those provisions as provided in the loan documents. The borrower shall execute the necessary legal documents to reflect his obligation to the lending entity and the terms and conditions of the loan. The loan program, as implemented herein shall be administered by a separate student loan provider. Of the funds appropriated by the General Assembly for the loan repayment program, such funds must be retained in a separate account and used on a revolving basis for purposes of the loan repayment program. The State Treasurer shall disburse funds from this account as requested by the Adjutant General and upon warrant of the Comptroller General. Funds in the account and any earnings thereon may be carried forward in succeeding fiscal years and used for the purposes of the loan repayment program. The Adjutant General shall review the loan program annually and report to the General Assembly on its progress and results.