(a) The board may provide repayment assistance for the repayment of any education loan received by the attorney through any lender, other than a private individual, for:
(1) education at a school of law authorized by the board to award a degree that satisfies the law study requirements for licensure as an attorney in this state; or
(2) undergraduate education at an institution of higher education or an accredited private or independent institution of higher education.
(b) The board may not provide repayment assistance for an education loan that is in default at the time of the attorney's application.
(c) Each state fiscal biennium the board shall attempt to allocate all funds appropriated for the purpose of providing repayment assistance under this subchapter.