The higher education coordinating board shall administer the future teacher conditional scholarship and loan repayment program.

(1) The higher education coordinating board may provide conditional scholarships and loan repayments to eligible students from:

(a) Funds appropriated to the board for this purpose;

(b) Private donations;

(c) Federal funds given to the board for this program; or

(d) Other funds deposited to the future teachers conditional scholarship account.

(2) When a duty or responsibility of the board is referenced in these regulations, the authority needed to discharge that responsibility lies with the executive director or his or her designee.

(3) The board shall have the following administrative responsibilities:

(a) Adopt necessary rules and guidelines.

(b) Enter into agreements with participating institutions, and billing and collection agencies as may be necessary.

(c) Select students to receive conditional scholarships and loan repayments, with the assistance of a selection committee.

(d) Provide conditional scholarship awards and loan repayment benefits to students.

(e) Verify completion of certificated classroom teaching service from participants in exchange for loan forgiveness or loan repayment.

(f) Collect and manage monetary repayments from participants who do not fulfill their teaching obligations.

(g) Work with the office of superintendent of public instruction and appropriate educational organizations to publicize the program directly to qualified individuals.

(h) Post additional information, including a fact sheet and an application, on the board's web site.

(i) Solicit and accept grants and donations from public and private sources for the program.

(4) Receipts.

Receipts from the payment of the principal or interest or any other subsidies to which the board as administrator is entitled, which are paid by or on behalf of participants in the conditional scholarship program under this section, shall be deposited in the future teachers conditional scholarship account, as established in RCW 28B.102.080, and may be used to cover the costs of granting conditional scholarships and loan repayments, maintaining necessary records, and making collections. The board shall maintain accurate records of these costs. All receipts beyond those used to pay such costs shall fund conditional scholarships and loan repayments to eligible students.