year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
(1) The board shall establish and award loans to any of the following qualified individuals:
a. An applicant for admission to a qualified nursing education program approved by the board, who has signed a contract as provided in subsection (b).b. A student attending a qualified nursing education program approved by the board who is pursuing, or has completed within the five years immediately preceding the current loan term, a graduate degree to become a nurse educator in a qualified nursing education program, who has signed a contract as provided in subsection (b).(2) An application for a nursing education loan under the program may be submitted to the board for any scholastic year, including previously completed scholastic years.(3) A loan may be granted by the board to an individual who is pursuing or holding an eligible master’s degree for up to three years and to an individual pursuing or holding an eligible doctorate degree for up to four years.(4) For the first year of operation of the program, the maximum annual loan amount shall not exceed fifteen thousand dollars ($15,000). For subsequent years, the board may increase the maximum annual loan amount by no more than five percent annually.(5) The board shall conduct a careful and thorough investigation of the ability, character, and qualifications of each loan applicant and shall award loans pursuant to the requirements of the program.(6) An individual who has signed a contract with the board may postpone his or her choice of qualified nursing education programs to work with until a time set by the board.(b) A loan may only be awarded under the program to those individuals who have signed a contract with the board to repay all amounts received under the program by working following graduation as a full-time nursing instructor in a qualified nursing education program, for a period of 24 months for each annual loan received under the program.
