To be eligible to receive loan repayment assistance under this subchapter, a nurse must:
(1) apply to the board;
(2) at the time of application for repayment assistance have been employed part-time or full-time for at least one year as, and be currently employed part-time or full-time as, a faculty member of a nursing degree program at an institution of higher education or a private or independent institution of higher education; and
(3) comply with any additional requirements adopted by board rule.