(1) To be eligible to participate in the Nursing Faculty Loan Repayment Program, a nurse educator or prospective nurse educator shall submit a letter of interest to the Director of the Office of Student Access and Completion. (2) At the end of each school year in which a nurse practices as a nurse educator in Oregon, the director shall pay an amount not to exceed the lesser of 20 percent of the total of the nurses outstanding qualifying loans or $10,000 as adjusted under subsection (4) of this section. (3) The director may make the annual payments under this section for up to: (a) Three years for a nurse educator who has earned a masters degree; or (b) Five years for a nurse educator who has earned a doctoral degree. (4)(a) The director shall adjust annually the maximum dollar amount allowed under subsection (2) of this section by multiplying that amount by a cost-of-living adjustment as specified in this subsection. (b) The cost-of-living adjustment applied to the maximum dollar amount allowed under subsection (2) of this section shall be equal to the ratio of the seasonally adjusted United States City Average Consumer Price Index for All Urban Consumers as published by the Bureau of Labor Statistics of the United States Department of Labor for April of that calendar year divided by the value of the same index for April 2009. (c) If the value of the dollar amount determined under paragraph (a) of this subsection is not a multiple of $100, the director shall round the dollar amount to the next lower multiple of $100. Note: See note under 348.440.
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