N.J. Admin. Code § 9A:17-3.3

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

Section 9A:17-3.3 - Institutional payment process

(a) The Commission must receive applications from institutions for reimbursement no later than June 30 of the academic year during which the institution or the beneficiary redeemed all or a portion of eligible student loan(s), in accordance with N.J.A.C. 9A:17-3.1(d).

(b) If the beneficiary makes the loan redemption payment(s) to the lender, applications for reimbursement shall include evidence of the following:

1. Regular payment(s) on eligible student loans, in accordance with N.J.A.C. 9A:17-3.2(a);

2. The amount of the loan redemption payment(s), in accordance with N.J.A.C. 9A:17-3.2(b); and

3. The institution's compensation to the beneficiary for the loan redemption payment(s).

(c) If the institution makes the loan redemption payment(s) to the lender, applications for reimbursement shall include evidence of the following:

1. Regular payment(s) by or on behalf of the beneficiary on eligible student loans, in accordance with N.J.A.C. 9A:17-3.2(a) and

2. The amount of the loan redemption payment(s), in accordance with N.J.A.C. 9A:17-3.2(b).

(d) If the beneficiary is a former student at the host institution and has eligible student loans obtained while enrolled there, the institution may request that the Commission make the loan redemption payment(s) directly to the lender. Any such request shall include certification of the amount(s) of the payment(s) to be made and of the beneficiary's compliance with all other requirements of the program.

N.J. Admin. Code § 9A:17-3.3