N.J. Admin. Code § 9A:10-7.16

Current through Register Vol. 56, No. 11, June 3, 2024

Section 9A:10-7.16 - Amount excluded from State need-based financial aid eligibility

(a) A dollar amount of an account, which shall be $ 25,000, shall be excluded from consideration in evaluating the financial need of a student, or not be deemed a financial resource or a form of financial aid or assistance to each student, for purposes of determining the eligibility of a student for any scholarship, grant, or monetary assistance awarded by the State; nor shall the amount of any account as determined by the Authority provided for a designated beneficiary under this subchapter reduce the amount of any scholarship, grant or monetary assistance which such student is otherwise entitled to be awarded by the State.

(b) To be eligible for the exclusion provided under (a) above, the student shall demonstrate to the satisfaction of the entity or the agency awarding the State funds that the dollar amount in that student's account is less than the Authority's annual exclusion threshold. Higher education institutions may report this account information on behalf of the student.

Recodified from N.J.A.C. 9A:10-7.13 by R.2002 d.289, effective 9/3/2002.
See: 33 New Jersey Register 4053(a), 34 New Jersey Register 3086(a).
Former N.J.A.C. 9A:10-7.16, Investment by private entity, recodified to N.J.A.C. 9A:10-7.19.