(a) If an eligible student applies for a loan from a lending institution, the board shall provide the institution a conditional guaranty of the loan, in accordance with § 56.170 of this code, on the board’s receipt of:
(1) the student’s application to the board for a conditional guaranty;
(2) a verification of the student’s enrollment from the institution enrolling the student;
(3) a certification from the institution enrolling the student of the amount of tuition and fees for the student; and
(4) a certification from the lending institution that the terms of the loan conform with the requirements of § 56.166 of this code, including requirements adopted by the board under that section, and that the lending institution agrees to suspend interest on the student’s loan as provided by Sections 56.168 and 56.169 of this code.
(b) If an eligible student applies for a loan from the board, the board shall provide a loan in an amount determined by the board to the student on the board’s receipt of:
(1) the student’s application to the board for a loan;
(2) a verification of the student’s enrollment from the institution enrolling the student; and
(3) a certification from the institution enrolling the student of the amount of tuition and fees for the student.