Prior to the award of a scholarship or stipend provided herein for trainees in psychiatric social work, psychiatry, clinical psychology, or psychiatric nursing, the recipient thereof must agree in writing to practice his or her profession in the employ of any one of the following institutions or agencies for 1 month for each month of grant immediately after graduation or, in lieu thereof, to repay the full amount of the scholarship or stipend together with interest at the rate of 5 percent per annum over a period not to exceed 10 years:
(1) The staff of one of the state hospitals of the Mental Health Program Office.
(2) The Department of Corrections.
(3) A mental health clinic or guidance center.
(4) One of the state-operated universities.
(5) A circuit court exercising jurisdiction in connection with juveniles.
(6) A public school.
(7) Such other accredited social agencies or state institutions as may be approved by the Department of Children and Family Services.