N.J. Admin. Code § 9A:10-5.5

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

Section 9A:10-5.5 - Terms for loan redemption

(a) An applicant who is selected for participation in the Program shall enter into a written participation contract with the Authority. The contract shall specify the dates of required employment by the Program participant in a designated high-growth STEM occupation and shall require the Program participant to serve at least one year in a designated high-growth STEM occupation after the effective date of the contract.

(b) In order for a participant to qualify for an annual redemption payment:

1. The Program participant shall submit to the Authority certification, in the form approved by the Authority, of full-time employment in a designated high-growth STEM occupation for the full-year period; and

2. The employer of the Program participant shall certify, in the form approved by the Authority, that the Program participant met the employer's performance standards and shall pay the annual matching contribution to the Authority in an amount equal to or greater than the $ 1,000 annual State-funded loan redemption benefit.

(c) If a participant becomes employed by a different employer while participating in the Program, that participant must:

1. Be employed in either the exact same occupation for which the participant was approved to participate in the Program, or in an occupation that is a designated high-growth STEM occupation at the time the participant begins the new occupation;

2. Provide the Authority with a certification, in the form approved by the Authority, signed by the previous full-time employer containing the termination date from that position; and

3. Prior to the annual redemption of loan indebtedness, provide a certification, in the form approved by the Authority, from the new employer:

i. Agreeing to make a payment to the Authority of at least a 100 percent match of the State-funded loan redemption benefit under the Program at the conclusion of each year of employment completed by the applicant in a designated high-growth STEM occupation, to be prorated to the actual amount of time worked for the new employer;

ii. Stating the start date for the designated high-growth STEM occupation at the new employer; and

iii. Verifying the participant's continued employment and satisfactory performance in a designated high growth STEM occupation.

(d) If there is a gap in full-time service between employment in designated high-growth STEM occupations, the participant's service obligation will be extended a commensurate amount of time to complete a full year of service. A gap of longer than six months will nullify the agreement, unless the Authority has suspended the participant's participation contract pursuant to N.J.A.C. 9A:10-5.6(b).

(e) Upon receipt of all required documentation from the participant, the Authority will combine the employer matching contribution and the State appropriated funds into a single payment made directly to the participant's lender(s) to redeem a portion of the participant's student loans.

N.J. Admin. Code § 9A:10-5.5

Adopted by 54 N.J.R. 1080(a), effective 6/6/2022