Love grass is what Depts of Transportation use because it doesnt have to be mowed constantly. Not real attractive but it works. Your biggest enemy is rain until the grass really takes hold. Get a couple rolls of EC-3 matting from an environmental control store and staple it down. Run the matting up over the crest of the slope and bury the top 6".
Love grass will take over most other types of grass, so you can plant something now to stabilize it and then cut it and seed the love grass when it hits its peak season (middle-late spring I think?).
-A real estate developer (we frequently have this problem)