Full-time stipendiary arrangements, when an agency has funds available for this purpose, may be made for employees paid by warrant of the director of budget and management, at an approved educational institution. Such arrangements shall normally be made for periods of at least one academic term or quarter but not more than two academic years. The stipend shall not exceed regular salary plus tuition, books, and related school expenses. Under a stipendiary program, the employee shall sign an agreement to work for the employing state agency for a period of time at least equal to the length of the stipend program. If the employee fails to perform this service, the amount of the stipend payment shall be repaid. Repayment may be waived by the appointing authority when warranted by exceptional circumstances. Use of this program shall be limited to fields of study in which the employee is working. Each appointing authority shall maintain regular reports, and make them available to the director upon request, showing the number of employees receiving training under this provision and the type, cost, and amount of training received.