If a recipient fails to carry out the employment obligations required under this program, the recipient shall repay the State the amount of the award plus interest. Repayment may be prorated if the recipient partially fulfills the employment obligation, as determined by the Office of Student Financial Assistance. Interest on the funds advanced shall accrue at an interest rate equal to the interest rate established by the United States Department of Education for the Federal Stafford Loan on the first day of July of each year. Interest shall begin accruing as of the date the funds were provided to the recipient.