The income is to be used to establish a revolving scholarship fund. One-half of the income shall be used to fund a scholarship for either ministerial or parochial teacher training, repayable within five years after graduation to the extent that the recipients do not unduly deprive themselves or their families. The second half of the income shall be used to fund a scholarship for pre-med students repayable within a period of five years after graduation. Such repayment is to be made pursuant to such regulation as the university board deems fair and proper in each individual case. The scholarships may be used for preparatory education at the university and also completion of said education at some other college if approved by Concordia University.