Missouri § 340.387 - Contracts for assistance — repayment — forgiveness of loan, when.
Full text of Missouri Revised Statutes of Missouri § 340.387 — Contracts for assistance — repayment — forgiveness of loan, when., with citation guidance and answers to common questions.
§ 340.387. Contracts for assistance — repayment — forgiveness of loan, when.
1. The department of agriculture may enter into a contract with each qualified applicant receiving financial assistance under the provisions of sections 340.381 to 340.396. Such contract shall specify terms and conditions of loan forgiveness through qualified employment as well as terms and conditions for repayment of the principal and interest.
2. The department shall establish schedules for repayment of the principal and interest on any financial assistance made under the provisions of sections 340.381 to 340.396. Interest at a rate set by the department, with the advice of the advisory panel created in section 340.375, shall be charged from the time of the payment of financial assistance on all financial assistance made under the provisions of sections 340.381 to 340.396, but the interest and principal of the total financial assistance granted to a qualified applicant at the time of the successful completion of a doctor of veterinary medicine degree program shall be forgiven through qualified employment.
3. For each year of qualified employment that an individual contracts to serve in an area of defined need, the department shall forgive up to thirty thousand dollars and accrued interest thereon on behalf of the individual for financial assistance provided under sections 340.381 to 340.396.
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(L. 2007 S.B. 320, A.L. 2008 S.B. 931, A.L. 2023 H.B. 202 merged with H.B. 417 merged with S.B. 138)
---- end of effective 28 Aug 2023 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 340.387
What does Revised Statutes of Missouri § 340.387 cover?
Section 340.387 ("Contracts for assistance — repayment — forgiveness of loan, when.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 340.387?
A common citation format is "Revised Statutes of Missouri § 340.387" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 340.387 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.