(a) The State Teacher Education Program shall be administered by the Division of Higher Education.
(b) The division shall adopt standards for awarding the loan repayments to a public school teacher with an Arkansas teacher's license teaching in a:
(1) Subject area with a teacher shortage; or
(2) Geographic area with teacher shortage.
(c) The requirements of this subchapter are contingent on the funding available for the program.
(d) The division may determine the necessary procedures for awarding the loan repayments if the number of eligible applicants and recipients exceeds available funding.