Qualified applicants who are selected for the Urban and Rural Teacher Loan Forgiveness 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 be certified to teach in Pennsylvania. For each academic year that the applicant is a full-time teacher in an approved Commonwealth urban or rural public school district, 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 teaching. 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.