(a) Each award recipient is eligible to receive loan assistance in an amount determined annually by the commission based upon available funds, but not less than $3,000 annually in an amount determined annually by the commission based upon available funds, and subject to limits set forth in subsection (b) of this section, if the recipient:

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(1) Has been employed for a full school year under contract with a county board of education 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; and

(2) Otherwise has complied with the terms of the agreement and with applicable provisions of this article and § 18C-4-1 et seq. of this code, and any rules promulgated pursuant thereto.

(b) The recipient is eligible for renewal of a loan repayment assistance award only during periods when the recipient complies with other criteria and conditions established by rule, and is under contract with a county board of education 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 in such field.