N.J. Admin. Code § 9A:17-3.1

Current through Register Vol. 57, No. 1, January 6, 2025

Section 9A:17-3.1 - Institutional participation

(a) Incentive hiring grants shall be awarded to reimburse eligible institutions for student loan redemption benefits provided by the institution to faculty members or administrators from disadvantaged backgrounds with doctoral degrees who are newly hired for full-time employment.

(b) Only existing unpaid loan balances on eligible student loans at the time a new faculty member or administrator is hired pursuant to (a) above are eligible for redemption through this program.

(c) Incentive hiring grants shall be awarded to eligible institutions on a first-come, first-served basis.

(d) Institutions that receive incentive hiring grants shall enter into an agreement with the Commission to provide loan redemption up to $ 40,000 over four years, as follows:

1. If the total amount of eligible loans equals or exceeds $ 40,000, the institution may redeem up to $ 10,000 per year to a maximum of $ 40,000; and

2. If the total amount of eligible loans is less than $ 40,000, no more than 25 percent of the total may be redeemed in any one fiscal or academic year.

(e) Each institution shall determine the method and timing of distribution of loan redemption benefits to beneficiaries, which may include direct loan redemption payment(s) by the institution to the lender.

(f) If either party terminates a beneficiary's employment before the end of four years, the remaining balance in the incentive grant shall be canceled, but previously disbursed funds shall not need to be repaid.

N.J. Admin. Code § 9A:17-3.1