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

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

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

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

(2) Federal funds;

(3) Gifts;

(4) Grants;

(5) Bequests;

(6) Devises;

(7) Donations;

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

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

(10) All moneys provided by law.

(b) The Arkansas State Board of Nursing:

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

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

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