(1) (a) There is established, to be administered by the board, a stipend loan program for resident students, including registered nurses, who are: 1. Enrolled in the 2nd year in a program leading to an associate degree in nursing in a technical college. 2. Enrolled as juniors in a program leading to a bachelor’s degree in nursing in this state. 3. Enrolled as 3rd year students in a program leading to a diploma in nursing in this state. 4. Enrolled as seniors in a program leading to a bachelor’s degree in nursing in this state. 5. Enrolled in a program leading to a master’s degree in nursing in this state and who intend to teach nursing at an institution of higher education located in this state. (2) The board shall: (a) Make stipend loans from the appropriations under s. 20.235 (1) (cg) and (gg). (b) Promulgate rules to administer this section, including rules establishing loan amounts and the criteria and procedures for loan forgiveness and for selecting loan recipients. Loan recipients shall be selected on the basis of financial need, as determined by the board, using the need analysis methodology used under s. 39.435. (3) Beginning in the 1991-92 fiscal year, $15,000 annually shall be awarded under sub. (1) (a) 5. for stipend loans. (4) The board may not make any original stipend loans under this section.
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