A. The committee may administer a program by which it loans each year to an applicant eligible pursuant to R.S. 37:1013(B) not more than seventy-five percent of the lowest faculty salary being paid at the time of the application to be forgiven in exchange for completing the degree and for serving on the faculty for not less than three years more than the length of time taken to acquire the degree.
B. A stipend paid pursuant to this Section shall be contracted for pursuant to rules and regulations adopted by the board.