A. Members of the faculty of approved schools of nursing shall be eligible to participate in a stipendiary educational program as provided in R.S. 37:1014 through 1016, for the purpose of acquiring a master's or doctoral degree in the field of nursing or a doctoral degree in a related field.
B. Nurses who have a baccalaureate degree in nursing, are admitted into a graduate program for the acquisition of a master's degree in the field of nursing, and who contract to serve as a member of the faculty of an approved school of nursing in this state upon completion of the degree shall be eligible to participate in a stipendiary educational program as provided in R.S. 37:1017.