(a) Any person who is enrolled in or has been accepted for admission to an approved school of nursing in this state or a nationally accredited school outside the state in a course of study leading to qualification as a registered nurse, licensed practical nurse, or nursing educator shall be eligible to make application to the Arkansas State Board of Nursing for a loan under this subchapter.
(b) The board may, depending upon available funds, make a loan to an applicant under this subchapter when it determines that the applicant:
(1) Is enrolled in or has been accepted for admission to an approved school of nursing in this state or a nationally accredited school outside the state in studies leading to qualification as a registered nurse, licensed practical nurse, or nursing educator;
(2) Warrants financial assistance to complete his or her nursing studies;
(3) Has signed a written agreement to:
(A) Upon graduation and licensure and for the period of time specified by rule promulgated by the board:
(i) Teach in a nursing education program in the State of Arkansas; or
(ii) Engage in practice as a registered nurse or licensed practical nurse in the State of Arkansas; and
(B) Repay each loan with interest at the maximum legal rate if the applicant fails to fulfill the requirements of the board under this subchapter; and
(4) Is a lawful resident of the State of Arkansas.
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