The board, under such rules and regulations as it shall determine may provide forgivable loans for instruction in graduate and professional schools for qualified students, who are residents of Mississippi, in institutions outside the state boundaries, when such instruction is not available for them in the regularly supported Mississippi institutions of higher learning. The board shall, by its rules and regulations, determine the qualifications of such students as may be aided by this section, and the decision by the board as to the qualifications of such students shall be final. Subject to the availability of funding, the board shall provide forgivable loans for such graduate and professional instruction at a cost to students, not exceeding the cost, as estimated by the board, of such instruction, if it were available at a state supported institution of higher learning in the State of Mississippi. Repayment and conversion terms shall be the same as those outlined in Section 37-106-53.
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