1. The board shall enter into a contract with each individual qualifying for participation
in the program at the time the individual declares a major or decides on a course
of study, if a major is not declared at the institution at which the individual is
enrolled. The written contract shall contain, but not be limited to, the following:
(1) The terms and conditions under which the loan is made, and the requirements for
repayment of the 1 loan by the student;
(2) A stipulation that, the provisions of section 143.811 to the contrary notwithstanding, no interest shall be assessed on any loan provided
through the program while the student is enrolled full time, or enrolled part-time
with the approval of the board, and meets the eligibility requirements pursuant to
(3) The terms and conditions for qualifying for forgiveness of loan proceeds received
through the program;
(4) A provision that any financial obligations arising out of a contract entered into,
and any obligations of the individual which are conditioned thereon, are contingent
upon funds being appropriated to the fund and on the availability of a targeted high
demand job; and
(5) The amount of any penalties assessed, in the event repayment of the loan by the
student is not made in accordance with the contract, or the student fails to maintain
eligibility or other requirements of the program. All such penalties shall be deposited in the fund.
2. Sections 173.775 to 173.796 shall not be construed to require the board to enter into contracts with individuals
who otherwise qualify for the program when funds are not available for such purpose.
Revisor's note: Word “the” does not appear in original rolls.
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