N.J. Admin. Code § 9A:10-2.6

Current through Register Vol. 56, No. 21, November 4, 2024

Section 9A:10-2.6 - Terms for loan redemption

(a) An applicant, who has met the eligibility requirements for participation in the program, shall enter into a written contract with the Authority. The contract shall specify the duration of the participant's approved employment service obligation, not to exceed four years, and the total amount of eligible student loan expenses to be redeemed by the State in return for service.

(b) Loan redemption under the program shall not exceed $ 5,000 of the principal and interest of eligible student loan expenses for each full year of approved employment service successfully completed by the program participant. The total loan redemption amount for a program participant shall not exceed $ 20,000. No amount of loan redemption shall be provided for service performed for less than a full year. Loan redemption will be applied first to outstanding State loans and then to outstanding Federal loans.

1. At the time an applicant is accepted as a program participant and has entered into a written contract with the Authority, the Authority will encumber up to $ 20,000 of program funds as necessary to provide for the redemption of the participant's eligible student loan expenses.

(c) In order to continue eligibility for loan redemption under the program, a participant must submit certification, prior to the annual redemption of loan indebtedness, of his or her full-time employment as a direct care professional in a qualified facility to the Student Loan Office.

N.J. Admin. Code § 9A:10-2.6

Amended by R.2009 d.180, effective 6/1/2009.
See: 40 N.J.R. 6721(b), 41 N.J.R. 2261(a).
In (c), substituted "Student Loan Office" for "Director of Financial Aid Services".