340.387. Contracts for assistance--repayment--forgiveness of loan, when. - Missouri Statutes

Contracts for assistance--repayment--forgiveness of loan, when.

340.387. 1. The department of agriculture may enter into a contractwith each qualified applicant receiving financial assistance under theprovisions of sections 340.381 to 340.396. Such contract shall specifyterms and conditions of loan forgiveness through qualified employment aswell as terms and conditions for repayment of the principal and interest.

2. The department shall establish schedules for repayment of theprincipal and interest on any financial assistance made under theprovisions of sections 340.381 to 340.396. Interest at a rate set by thedepartment, with the advice of the advisory panel created in section340.341, shall be charged from the time of the payment of financialassistance on all financial assistance made under the provisions ofsections 340.381 to 340.396, but the interest and principal of the totalfinancial assistance granted to a qualified applicant at the time of thesuccessful completion of a doctor of veterinary medicine degree programshall be forgiven through qualified employment.

3. For each year of qualified employment that an individual contractsto serve in an area of defined need, the department shall forgive up totwenty thousand dollars and accrued interest thereon on behalf of theindividual for financial assistance provided under sections 340.381 to340.396.

(L. 2007 S.B. 320, A.L. 2008 S.B. 931)

Expires 6-30-13