(a) Before receiving a loan repayment award, each eligible applicant shall enter into an agreement with the Vice Chancellor for Administration and shall meet the following criteria:
(1) Provide the commission with evidence of compliance with §18C-4-4 of this code;
(2) Agree to be employed full time under contract with a county board of education for a period of two school years as a teacher in a critical teacher shortage field or as a school counselor at the elementary, middle or secondary level in a school or geographic area of critical need for such field for each year for which a loan repayment assistance award is received pursuant to this article. The Vice Chancellor for Administration may grant a partial award to an eligible recipient whose contract term is for less than a full school year pursuant to criteria established by commission rule;
(3) Acknowledge that an award is to be paid to the recipient’s student loan institution, not directly to the recipient, and only after the commission determines that the recipient has complied with all terms of the agreement; and
(4) Agree to repay all or part of an award received pursuant to this article if the award is not paid to the student loan institution or if the recipient does not comply with the other terms of the agreement.
(b) Each loan repayment agreement shall disclose fully the terms and conditions under which an award may be granted pursuant to this article and under which repayment may be required. The agreement also is subject to and shall include the terms and conditions established by §18C-4-5 of this code.