(a) The yearly amount for each student's loan forgiveness shall not exceed the maximum yearly amount allowed under the Arkansas Academic Challenge Scholarship Program.
(b) Eligible students may participate in the loan forgiveness program for a maximum of:
(1) Four (4) years for a bachelor's degree or its equivalent as determined by rules and regulations;
(2) Two (2) years for a master's degree;
(3) Four (4) years for a Ph.D. degree;
(4) Six (6) years for a bachelor's degree and a master's degree or a master's degree and a Ph.D. degree; or
(5) Nine (9) years for a bachelor's degree, master's degree, and a Ph.D. degree.
(c) With input from the Department of Higher Education and other appropriate entities, the State Board of Career Education shall establish through rules and regulations loan forgiveness amounts for approved technical education programs for students enrolled on a less than full-time basis.
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