(a) An individual is eligible for a loan under this subchapter to be used for financing the individual's cost of attendance at an institution of higher education if the individual:
(1) Is a lawful resident of the State of Arkansas;
(2) Has successfully completed his or her sophomore year at an institution of higher education;
(3) Is enrolled in good standing at an institution of higher education in this state as a full-time junior or senior, as determined by the institution of higher education;
(4) Is majoring in a degree program that will lead to the individual's becoming eligible for licensure as a teacher in a high-needs subject area as identified by the Department of Education; and
(5) Has entered into a written agreement with the Department of Higher Education to:
(A) Teach for five (5) consecutive years in a school or school district located in a geographic area identified by the Department of Education under § 6-15-403 [repealed] as a critical teacher shortage area beginning immediately upon obtaining licensure; and
(B) Repay each loan at an interest rate and on a schedule as determined by the Department of Higher Education if the individual fails to meet the requirements under this subchapter.
(b) If the amount of funds available for the Teacher Candidate Loan Forgiveness Program is insufficient to award loans to all qualified applicants under this subchapter, the Department of Higher Education shall award the loans on a competitive basis as determined by the Department of Higher Education.
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