Each applicant before being loaned any funds hereunder shall enter into a contract with the university agreeing to the terms and conditions set forth in section 15-52-10 and section 15-52-15 through 15-52-28 and rules and regulations promulgated thereunder. For the purposes of section 15-52-10 and sections 15-52-15 through 15-52-28, the defenses of minority and of the statutes of limitation are hereby removed as to any applicant granted a loan, and such contracts are in all respects legal and binding. The university may sue in its own name any applicant for any balance due on any such contract and is authorized to compromise or settle litigation with respect to any such contract.