(1) The Arkansas State Board of Nursing shall: Prescribe forms to be used in the Nursing Student Loan Program;
(2) Regulate the submission of applications for loans;
(3) Determine eligibility of applicants;
(4) Allow or disallow applications for financial assistance;
(5) Contract for, increase, decrease, terminate, and otherwise regulate all loans made under this subchapter and the repayment of these loans;
(6) Forgive loans and portions of loans as provided for; and
(7) Manage, operate, and control all funds and property appropriated or otherwise contributed for purposes of funding this program.
(8) The board may: Accept gifts, grants, bequests, devises, donations, and any federal funds available for the program, to be used together with funds appropriated for the program for making loans under this subchapter; and
(9) Hire a qualified person or entity to administer any aspect of the program.