340.345. Loan repayment to include principal, interest and related expenses--annual limit. - Missouri Statutes

Loan repayment to include principal, interest and relatedexpenses--annual limit.

340.345. 1. A loan payment provided for an individual pursuant to awritten contract under the large animal veterinary medicine loan repaymentprogram shall consist of payment on behalf of the individual of theprincipal, interest and related expenses on government and commercial loansreceived by the individual for tuition, fees, books, laboratory and livingexpenses incurred by the individual.

2. For each year of obligated services that an individual contractsto serve in an area of defined need, the department may pay up to twentythousand dollars on behalf of the individual for loans described insubsection 1 of this section.

3. The department may enter into an agreement with the holder of theloans for which repayments are made under the large animal veterinarymedicine loan repayment program to establish a schedule for the making ofsuch payments if the establishment of such a schedule would result inreducing the costs to the state.

4. Any qualifying communities providing a portion of a loan repaymentshall be considered first for placement.

(L. 2001 S.B. 462, A.L. 2007 S.B. 320)