§ 17-90-111. Loans to optometry students

(a) The Division of Higher Education shall provide a loan from the Higher Education Grants Fund Account that is in excess of the Southern Regional Education Board grant funds to any optometry student:

1. (1) Who is bona fide resident of the state;

2. (2) Who is enrolled in an optometry professional program outside the state; and

3. (3) For whom any part of the out-of-state tuition is paid by the State of Arkansas through the Southern Regional Education Board grant funds.

(b) A loan authorized by this section:

1. (1) Shall not exceed five thousand dollars ($5,000) annually;

2. (2) Shall be made:

   1. (A) On an annual basis not to exceed the combined total of four (4) years; and

   2. (B) At a rate of interest determined by the division, but not to exceed four percent (4%);

3. (3) May be forgiven at the rate of one (1) year’s loan for one (1) year’s practice in Arkansas;

4. (4) May be deferred, but for no longer than five (5) years, for the following reasons:

   1. (A) Military service;

   2. (B) Special training; or

   3. (C) Extraordinary circumstances as determined by the division; and

5. (5) Shall be in addition to Southern Regional Education Board grant funds.