(a) The State Teacher Education Program shall be used to provide a loan repayment for federal student loans in the amount of:
(1) Three thousand dollars ($3,000) per year for a maximum of three (3) years for a licensed teacher who graduated from a teacher education program after April 2004 and teaches in a public school in this state or successfully completed an alternative educator preparation program after April 2004 and teaches in a public school in this state program:
(A) In a subject area designated by the Division of Higher Education in consultation with the Division of Elementary and Secondary Education as having a critical shortage of teachers; or
(B) Located in a geographical area of the state designated by the Division of Higher Education in consultation with the Division of Elementary and Secondary Education as having a critical shortage of teachers; and
(2) An additional one thousand dollars ($1,000) per year for a maximum of three (3) years for a licensed teacher who:
(A) Is a minority;
(B) Either:
(i) Graduated from a teacher education program after April 2004; or
(ii) Successfully completed an alternative educator preparation program; and
(C) Teaches in a public school in this state.
(b) The Division of Higher Education may spend no more than fifty thousand dollars ($50,000) annually for costs associated with the administration of the program.
(c) The Division of Higher Education shall promulgate rules necessary for the implementation of this subchapter.