(1) Prior to April 17, 2024, student loan repayment assistance under the program shall be available to an individual who applies for the assistance and who:

(a) Is a resident of the State of Nebraska; and

(b) Is teaching full-time or has a contract to teach full-time at the time of application for the program.

(2) The amount of repayment assistance awarded to an eligible applicant pursuant to this section shall be limited to five thousand dollars per year. An eligible applicant may be awarded repayment assistance for applications approved prior to April 17, 2024.

(3) If the funds available for repayment assistance in any year are insufficient to provide assistance to all eligible applicants described in subsection (1) of this section, the department shall establish priorities for awarding repayment assistance with renewal applications given priority over initial applications. For initial applications, priority shall be given to applicants who demonstrate financial need.

(4) An eligible applicant may receive repayment assistance under the program for the repayment of a student loan received through any lender which was incurred in the applicant's own name for his or her own educational expenses at any accredited public or private nonprofit college or university in this state or any other state. If the loan is not a state or federal guaranteed student loan, the note or other writing governing the terms of the loan must require the loan proceeds to be used for expenses incurred by the applicant to attend an accredited public or private nonprofit college or university in this state or any other state.

(5) No additional applications for repayment assistance shall be approved after April 17, 2024.