Each eligible applicant before being granted financial assistance through a forgivable loan program under this chapter shall enter into a contract with the board, which shall be deemed a contract with the State of Mississippi, agreeing to the terms and conditions upon which the financial assistance shall be granted to him, which shall include full repayment of all monies granted.Said contract shall include such terms and provisions as shall carry out the full purpose and intent of this chapter; and the form shall be prepared and approved by the Attorney General of this state, and shall be signed by the director and the applicant. All disabilities of minority are removed for purposes of this chapter.