(a) The board shall deliver any repayment made under this subchapter in a lump sum payable to:
(1) the lender and the speech-language pathologist or audiologist, in accordance with any applicable federal law; or
(2) the lender or other holder of the loan on behalf of the speech-language pathologist or audiologist.
(b) A repayment made under this subchapter may be applied to the principal amount and accrued interest of the loan.