(1) Applications prescribed by the Commissioner of Education for student loan repayment assistance must be submitted no later than June 10, 2023. The Commissioner of Education shall determine whether to approve or deny each application and shall notify each applicant of such determination no later than September 10, 2023. Repayment assistance awarded under the program shall be paid, in whole or in part as provided in section 79-8,151, no later than November 10, 2023, and no later than November 10 of each year thereafter for an application approved prior to April 17, 2024. No new applications for loan repayment assistance shall be approved after April 17, 2024.

(2) Applications for a grant must be submitted no later than July 10, 2024, and no later than July 10 of each year thereafter, on a form and in a manner prescribed by the department. The department shall determine whether to approve or deny each application and shall notify each applicant of such determination no later than October 10, 2024, and no later than October 10 of each year thereafter. Grants awarded under the program shall be paid directly to the applicant no later than December 10, 2024, and no later than December 10 of each year thereafter.