There is hereby created the rural practice incentive program, which shall be administered by the chancellor of higher education. The purpose of the program is to provide loan repayment on behalf of attorneys who agree to employment as service attorneys in areas designated as underserved communities by the chancellor pursuant to section 3333.132 of the Revised Code.

Under the program, the chancellor, by means of a contract entered into under section 3333.135 of the Revised Code, may agree to repay up to the amount set pursuant to section 3333.135 of the Revised Code of the principal and interest of a government or other educational loan taken by an individual for the following expenses, so long as the expenses were incurred while the individual was enrolled in a law school in the United States that was, during the time enrolled, accredited by the American bar association, or a law school located outside the United States for which the individual received a foreign equivalency evaluation:

(A) Tuition;

(B) Other educational expenses, such as fees, books, and expenses, for specific purposes and in amounts determined to be reasonable by the chancellor;

(C) Room and board, in an amount determined reasonable by the chancellor.