(a) There is established the Arkansas National Guard Student Loan Repayment Program, which shall provide for the repayment of loans secured by qualified applicants who are eligible members of the Arkansas National Guard in amounts of up to one thousand dollars ($1,000) in principal per annum or five hundred dollars ($500) per semester, plus all related accrued interest, up to a maximum total loan principal of five thousand dollars ($5,000).
(b)
(1) No payment may be made for any loan that is in default at the time of application or award.
(2) Student loan repayment awards must be used at an approved institution.
(3) Student loan repayment awards are available only for payment toward undergraduate studies, when used at a college or university.
(4) Eligible members must enlist for at least six (6) years in a unit identified as a high readiness unit by the Adjutant General and have completed training and been awarded a military occupation specialty or Air Force skill code before payment may be made.
(c) In order to be eligible for a second or any subsequent semester award, a student must continue in good standing at an approved institution and must continue as a satisfactory participant in a high personnel readiness unit in the Arkansas National Guard, meeting Good Soldier or Good Airman requirements, as certified by his or her unit commander.
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