(1) The state board of education shall identify specific schools that are impacted by critical quality educator shortages using the following criteria:
(a)  Rural isolation of the school pursuant to section 33-319, Idaho Code; or
(b)  Economic disadvantage of the school based on eligibility for funds pursuant to title I, part A of the federal elementary and secondary education act, as amended.
(2)  Rural and underserved educators who are employed at schools identified in subsection (1) of this section are eligible for repayment of all or part of any such educator’s outstanding educational loans existing at the time of application in accordance with the eligibility and award criteria established in this chapter up to the amount specified in section 33-6504, Idaho Code, or eligible education expenses established by the state board of education and in rules promulgated by the state board of education.