§ 6-81-1401. Nursing Student Loan Program funding

(a) Cash funds for the Nursing Student Loan Program shall consist of:

1. (1) Funds appropriated for the Nursing Student Loan Program;

2. (2) Federal funds;

3. (3) Gifts;

4. (4) Grants;

5. (5) Bequests;

6. (6) Devises;

7. (7) Donations;

8. (8) Moneys received to repay a loan under this subchapter;

9. (9) Interest and other income accruing to or earned by the funds; and

10. (10) All moneys provided by law.

(b) The Arkansas State Board of Nursing:

1. (1) May invest the principal, interest, and income of the funds;

2. (2) Shall use the funds for making loans for nursing scholarships; and

3. (3) Shall deposit all loan repayments as a refund to expenditure to be used to make additional loans under this subchapter.