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(a) The Arkansas State Board of Nursing shall:
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(1) Prescribe forms to be used in the Nursing Student Loan Program;
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(2) Regulate the submission of applications for loans;
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(3) Determine eligibility of applicants;
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(4) Allow or disallow applications for financial assistance;
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(5) Contract for, increase, decrease, terminate, and otherwise regulate all loans made under this subchapter and the repayment of these loans;
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(6) Forgive loans and portions of loans as provided for; and
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(7) Manage, operate, and control all funds and property appropriated or otherwise contributed for purposes of funding this program.
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(b) The board may:
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(1) Accept gifts, grants, bequests, devises, donations, and any federal funds available for the program, to be used together with funds appropriated for the program for making loans under this subchapter; and
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(2) Hire a qualified person or entity to administer any aspect of the program.
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