(a) The board shall have the authority to cancel the contract of any recipient of a loan under this article for cause deemed sufficient by the board, provided that such authority shall not be arbitrarily or unreasonably exercised. Upon such cancellation, the total uncredited amount paid to the recipient shall at once become due and payable to the board in cash, and interest at the rate of 12 percent per annum shall accrue
on such total uncredited amount from the date of cancellation to the date of payment.
(b) The board shall have the authority to cancel the contract of any recipient of a grant under this article for cause deemed sufficient by the board, provided that such authority shall not be arbitrarily or unreasonably exercised. Upon such cancellation, the grant recipient shall not be eligible to receive further grant funds pursuant to this article.