(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) Who is bona fide resident of the state;
(2) Who is enrolled in an optometry professional program outside the state; and
(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) Shall not exceed five thousand dollars ($5,000) annually;
(2) Shall be made:
(A) On an annual basis not to exceed the combined total of four (4) years; and
(B) At a rate of interest determined by the division, but not to exceed four percent (4%);
(3) May be forgiven at the rate of one (1) year's loan for one (1) year's practice in Arkansas;
(4) May be deferred, but for no longer than five (5) years, for the following reasons:
(A) Military service;
(B) Special training; or
(C) Extraordinary circumstances as determined by the division; and
(5) Shall be in addition to Southern Regional Education Board grant funds.