The State priority system for the award of loans shall be developed by the Department of the Environment, may be subjected to public hearings, and will result in a priority list which shall be used to award the financial assistance. The priority system shall take into account, as appropriate: The EPA National Pretreatment Standards, 40 CFR §403.6, which are incorporated by reference; The water quality or public health impacts of the existing circumstances; The problem prevention aspects of the proposed project; Previous efforts expended to correct an existing problem; The financial capacity of the applicant to repay the loan; Cost effectiveness of the proposed project; Planning requirements; Applicant's plans for monitoring and report; and Measures to assure accountability for loans.