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(1) For each year that a recipient works in a qualifying job in Utah following completion of a qualifying degree, the institution that awarded the incentive loan shall waive repayment of the amount of one year of the recipient's incentive loan.
(2) Except as provided in Subsection (3)(a), an institution may not require a recipient to repay an incentive loan.
(3)
(a) Except as provided in Subsection (3)(b), an institution shall require a recipient to repay to the institution:
(i) the full amount of an incentive loan if the recipient fails to:
(A) graduate with a qualifying degree within six years of initially receiving the incentive loan; or
(B) work in a qualifying job in Utah within one year of completing a qualifying degree; or
(ii) the outstanding amount of an incentive loan if the recipient works in a qualifying job for fewer years than the number of years required to waive repayment of the full incentive loan.
(b) An institution may waive or delay a repayment described in Subsection (3)(a) in accordance with the rules described in Section 53B-10-205.
(4) An institution may require appropriate interest with the repayment of an incentive loan.
(5) An institution shall use a repayment received under this section for the program.