The future teachers conditional scholarship and loan repayment program is established. The program shall be administered by the higher education coordinating board. In administering the program, the board shall have the following powers and duties:

     (1) Select students to receive conditional scholarships or loan repayments;

     (2) Adopt necessary rules and guidelines;

     (3) Publicize the program;

     (4) Collect and manage repayments from students who do not meet their teaching obligations under this chapter; and

     (5) Solicit and accept grants and donations from public and private sources for the program.

[2004 c 58 § 3; 1987 c 437 § 3.]