(1) There is created the Nursing Faculty Loan Repayment Program, to be administered by the Higher Education Coordinating Commission. The purpose of the program is to provide loan repayments on behalf of nurse educators at nursing schools in Oregon who have earned a master’s or doctoral degree from an accredited nursing education program.
(2) The Higher Education Coordinating Commission shall by rule adopt, in consultation with the Oregon State Board of Nursing and the Oregon Center for Nursing, criteria for participation in the Nursing Faculty Loan Repayment Program.