(a) The Graduate Nurse Educator Loan and Scholarship Board may make advanced nursing practice or nurse educator loans to an applicant, each advanced nursing practice or nurse educator loan being expressly made subject to the provisions of § 6-81-1204 if it finds that:
(1) The applicant is a bona fide resident of Arkansas;
(2) The applicant has been accepted for admission to or is enrolled in good standing in an accredited master's or doctoral nursing program or doctor of philosophy in nursing program in the state leading to a graduate degree in nursing;
(3) The applicant is or will be a full-time or a part-time graduate student;
(4) The applicant needs financial assistance to complete his or her nursing studies;
(5) The applicant desires to practice advanced nursing practice in an Arkansas community or teach nursing in an Arkansas school of nursing; and
(6) The applicant is a person of good moral character and one who has the talent and capacity to profit by graduate nursing studies.
(b)
(1) Subject to the availability of funds, an initial rural advanced nursing practice or nurse educator loan for one (1) academic year shall be renewable annually for the number of years required to complete studies leading to a master's in nursing or doctor of philosophy in nursing degree, not to exceed the maximum amount specified in § 6-81-1204.
(2) All subsequent rural advanced nursing practice or nurse educator loans shall be granted only upon application by the recipient and a finding by the board that:
(A) The applicant has completed successfully the advanced nursing studies of the preceding academic year and remains in good standing as an enrolled student in an accredited master's program or a doctor of philosophy in nursing program in the state;
(B) The applicant continues to be a resident of Arkansas; and
(C) The applicant's financial situation continues to warrant financial assistance made under the conditions of this section.