6. An eligible direct care professional may apply to the authority for a loan redemption in such a manner as the authority prescribes and shall include all information and documentation required by the authority.

a. A program participant shall enter into a written contract with the authority to participate in the program. The contract shall specify the duration of the applicant’s required service and the total amount of eligible student loan expenses to be redeemed by the State in return for service.

b. The redemption of loans under the program shall not exceed $5,000 of principal and interest of eligible student loan expenses for each full year of service satisfactorily completed by the program participant. The total loan redemption amount for a program participant, for four years of service, shall not exceed $20,000. No amount of loan redemption shall be provided for service performed for less than a full year.

c. The period of service shall commence on or after the date of enactment of this act.

L.2005,c.157,s.6.