173.790.  Contract for participation, terms and conditions. — 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^* 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 section 173.778;

  (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.