Qualified applicants who are selected for the program in accordance with this act shall be eligible for payment by the agency of a portion of the debt incurred by the applicant through the agency-administered Guaranteed Student Loan Programs for the education necessary to successfully complete the specified bachelor's degree or associate's degree programs. For each calendar year that the applicant is a full-time professional in an approved Commonwealth child-care facility, the agency may forgive a proportional part of the applicant's loan so that the loan may be entirely forgiven over four years of full-time employment in an approved child-care facility. For a graduate with a bachelor's or associate's degree in the specified areas, no more than $2,500 shall be forgiven in any year, and no more than $10,000 shall be forgiven for any applicant. Payments shall be made in accordance with the procedures established by the agency. A loan forgiveness award shall not be made for a loan that is in default at the time of the application.