12VAC5-507-120: Loan repayment amount

The applicant shall agree to provide full-time nursing services in a long-term care facility in the Commonwealth a minimum of one year for a loan repayment amount up to $2,000 with an option for renewal in the second, third, and fourth year upon submitting a new application, with a potential maximum award amount of $8,000. Renewals shall only be granted if an applicant can show a reduction in his educational loan balances. The loan repayment amount shall depend upon availability of funds and the applicant's indebtedness, but no amount shall exceed the total indebtedness.