(a) The Division of Higher Education may provide loans from the Budget Stabilization Trust Fund in excess of the Southern Regional Education Board grant funds to dental students enrolled in professional programs outside the state for whom any part of the out-of-state tuition is paid by the State of Arkansas if the tuition paid to the out-of-state institution exceeds the board-contracted rate.
(b) The amount of the loans in excess of the board grant funds may be the amount of the out-of-state tuition paid by the student, but the amount of the loan may not exceed the amount by which the tuition exceeds the rate established by the board.
(c) The loans shall be made on an annual basis not to exceed the combined total of four (4) years.
(d) The loans may be forgiven at the rate of one (1) year's loan for one (1) year's practice in Arkansas.
(e) Repayment of the loan may be deferred but for no longer than five (5) years, for the following reasons:
(1) Military service;
(2) Specialty training; or
(3) Extraordinary circumstances as determined by the division.
(f) The loans shall be made at a rate of interest determined by the division but not to exceed four percent (4%).