§ 6-81-707 - Maximum amount of loans. - Arkansas Statutes

6-81-707. Maximum amount of loans.

(a) The maximum amount of each rural practice loan for medical students shall not exceed sixteen thousand five hundred dollars ($ 16,500) per academic year or those costs that are reasonable and necessary for the student's attendance as determined by the Arkansas Rural Medical Practice Student Loan and Scholarship Board.

(b) (1) The maximum amount of each community match income incentive shall not exceed eighty thousand dollars ($80,000) or as the board otherwise shall determine payable under 6-81-716.

(2) The Arkansas Rural Medical Practice Student Loan and Scholarship Board shall provide one-half (1/2) of the community match income incentive, and the qualified rural community shall provide the other one-half (1/2) of the income incentive.

(3) However, if the board does not have sufficient funds to match the community's portion of the income incentive, nothing precludes a qualified rural community from providing the total income incentive amount.