(a) Each award recipient is eligible to receive loan assistance in an amount determined annually by the commission based upon available funds, but not less than $3,000 annually in an amount determined annually by the commission based upon available funds, and subject to limits set forth in subsection (b) of this section, if the recipient:
(1) Has been employed for a full school year under contract with a county board of education as a teacher in a critical teacher shortage field or as a school counselor at the elementary, middle or secondary level in a school or geographic area of critical need; and