(1) The Division of Higher Education shall provide a loan from the Higher Education Grants Fund Account that is in excess of the Southern Regional Education Board grant funds to any optometry student: Who is bona fide resident of the state;
(2) Who is enrolled in an optometry professional program outside the state; and
(3) For whom any part of the out-of-state tuition is paid by the State of Arkansas through the Southern Regional Education Board grant funds.
(4) A loan authorized by this section: Shall not exceed five thousand dollars ($5,000) annually;
(5) Shall be made: On an annual basis not to exceed the combined total of four (4) years; and
(6) At a rate of interest determined by the division, but not to exceed four percent (4%);
(7) May be forgiven at the rate of one (1) year's loan for one (1) year's practice in Arkansas;
(8) May be deferred, but for no longer than five (5) years, for the following reasons: Military service;
(9) Special training; or
(10) Extraordinary circumstances as determined by the division; and
(11) Shall be in addition to Southern Regional Education Board grant funds.