(1) For purposes of this section, program means the Rural Health Opportunity Program that encourages students from rural communities to pursue health care professions and return to practice in those rural communities.

(2)(a) The Board of Trustees of the Nebraska State Colleges and the Board of Regents of the University of Nebraska shall enter into a memorandum of understanding to administer the program, including a joint application and interview process to select students to participate in the program and be provisionally admitted into one of the eligible health care programs at the University of Nebraska Medical Center.

(b) To be eligible, students shall:

(i) Attend, or be a graduate of, an approved or accredited high school in Nebraska or receive an equivalent of a diploma of high school equivalency in Nebraska; and

(ii) Have lived in, or been a resident of, a rural area of Nebraska as determined by the Board of Trustees of the Nebraska State Colleges and the Board of Regents of the University of Nebraska.

(3) A student who participates in the program is entitled to a waiver of one hundred percent of the cost of tuition and fees per academic year for up to four years at a state college for the purpose of completing the established health care program coursework at such state college that is required for early admission and transfer to an eligible health care program at the University of Nebraska Medical Center.

(4) It is the intent of the Legislature to consider continued funding for the program in an appropriate amount equal to or more than one-half of the cost of the tuition waivers or fees granted pursuant to this section as part of the biennial budget process.