1. Eligible students may apply to the department for financial assistance under the provisions of sections 340.381 to 340.396. If, at the time of application for a loan, a student has formally applied for acceptance at the college, receipt of financial assistance is contingent upon acceptance and continued enrollment at the college. A qualified applicant may receive financial assistance up to thirty thousand dollars for each academic year he or she remains a student in good standing at the college, provided that the cumulative total shall not exceed one hundred twenty thousand dollars per qualified applicant. An eligible student may apply for financial assistance under this section at any point in his or her educational career at the college, however any such financial assistance shall only be awarded for current or future academic years, as applicable, and shall not be awarded for any academic year completed prior to the time of application.

2. Up to twelve qualified applicants per academic year may be awarded loans under the provisions of sections 340.381 to 340.396. The department may increase beyond twelve the number of qualified applicants that may be awarded such loans per academic year if the amount of any additional moneys from private grants, gifts, donations, devises, or bequests of moneys, funds, real or personal property, or other assets deposited in the veterinary student loan payment fund allows the full funding of such increase in the number of applicants. Priority for loans shall be given to eligible students who have established financial need. All financial assistance shall be made from funds credited to the veterinary student loan payment fund.