reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 4 - NURSING FACULTY LOAN REDEMPTION PROGRAM › Section 9A:10-4.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"Approved graduate degree program" means a master's degree in nursing (MSN), a doctor of nursing science degree (DNS), a doctor of nursing practice degree (DNP), or a doctor of philosophy degree (PhD) in nursing or another related field of study, including, but not limited to, health, public health, science or social science.
"Authority" means the Higher Education Student Assistance Authority established pursuant to 18A:71A-3.
"Eligible institution" means a school of nursing that is nationally accredited and licensed by the New Jersey Board of Nursing or a nursing program at an Office of the Secretary of Higher Education licensed institution of higher education that is nationally accredited and licensed by the New Jersey Board of Nursing.
"Eligible student loan expenses" means the cumulative total of the annual State of New Jersey and Federal student loans covering the cost of attendance at an approved graduate degree program. Interest due on student loans that an applicant has taken out for use in paying the costs of such education shall be considered eligible for reimbursement under the program.
"Executive Director" means the Executive Director of the Authority or his or her designee.
"Full-time faculty employment" means appointment as such, and occupying a full-time faculty position with academic rank or other equivalent title whose primary employment is directly related to teaching, research and/or other aspects of the educational programs of institutions.
"Legal and Governmental Affairs" means the Legal and Governmental Affairs office, or its successor office, located within the Authority.
"Participant" means a person who completed an approved graduate degree program at an accredited public or independent institution of higher education and who applies for, and is accepted into, the program.
"Program" or "NFLRP" means the Nursing Faculty Loan Redemption Program established pursuant to P.L. 2009, c. 236.
"Student Loan Office" means the Student Loan Office, or its successor office, located within the Authority.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 4 - NURSING FACULTY LOAN REDEMPTION PROGRAM › Section 9A:10-4.3 - Eligibility requirements for program participation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) To be eligible for participation in the program, an applicant must:
1. Be a resident of the State of New Jersey and maintain domicile in the State during participation in the program;
2. Have obtained a degree from an approved graduate degree program within a one-year period prior to commencing full-time faculty employment at an eligible institution;
3. Have been initially hired for full-time faculty employment at an eligible institution on or after January 16, 2010, which is the date of program enactment;
4. After being initially hired for full-time faculty employment at an eligible institution, maintained continuous full-time faculty employment at an eligible institution;
5. Have maintained a 3.0 grade point average on a scale of 4.0, or its equivalent, while enrolled in an approved graduate degree program; and
6. Have an outstanding balance with a State or Federal student loan program and not be in default on any student loan.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 4 - NURSING FACULTY LOAN REDEMPTION PROGRAM › Section 9A:10-4.4 - Application procedures

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In order to apply for participation in the program, an applicant must complete a loan redemption program application and submit it to the Student Loan Office postmarked on or after July 1 of the year for which the applicant is applying.
1. The program application includes identifying information about the applicant as well as contact information, current employment, approved graduate degree program attendance and graduation, the amount of the applicant's outstanding State and Federal student loans and the holder of those loans.
2. Inclusive within the program application, an applicant must also have his or her employer, or potential employer, certify the applicant's start date for full-time faculty employment at an eligible institution before submitting the application to the Student Loan Office.
3. An applicant must also submit with his or her application a final transcript from the approved graduate degree program, incorporating the applicant's GPA, and copies of the applicant's most recent eligible student loan billing statements.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 4 - NURSING FACULTY LOAN REDEMPTION PROGRAM › Section 9A:10-4.5 - Terms for loan redemption

Current through Register Vol. 56, No. 14, July 15, 2024
(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 five years, and the total amount of eligible student loan expenses to be redeemed by the State in return for service.
(b) For each year of full-time faculty employment at an eligible institution, loan redemption shall not exceed the following amounts of principal and interest of eligible student loan expenses: first year: $ 5,000; second year: $ 7,000; third year: $ 10,000; fourth year: $ 13,000; and fifth year: $ 15,000. The total loan redemption amount for a program participant shall not exceed $ 50,000. 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 $ 50,000 of program funds as necessary to provide for the redemption of the participant's eligible student loan expenses.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 4 - NURSING FACULTY LOAN REDEMPTION PROGRAM › Section 9A:10-4.6 - Termination or suspension of the participant's employment service obligation and cancellation of the loan redemption contract by the Authority

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Authority shall terminate the participant's employment service obligation and cancel the loan redemption contract if it determines:
1. On the basis of a sworn affidavit of a qualified physician that the participant is totally and permanently disabled;
2. On the basis of a death certificate, or other evidence of death that is conclusive under State law, that the participant has died;
3. On the basis of substantiating documentation as may be deemed necessary by the Authority upon specific case review that continued enforcement of the employment service obligation may result in extreme hardship for the participant; or
4. On the basis of substantiating documentation, as defined in (a)3 above, that the participant has been convicted of a felony and/or a high misdemeanor, as defined in 2C:1-4.d or has committed an act of gross negligence in the performance of his or her employment service obligation.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 4 - NURSING FACULTY LOAN REDEMPTION PROGRAM › Section 9A:10-4.7 - Cancellation of the loan redemption contract by the program participant

Current through Register Vol. 56, No. 14, July 15, 2024
A program participant may cancel his or her loan redemption contract with the Authority by submitting written notification to the Student Loan Office. The participant assumes full responsibility for repayment of the full amount of his or her loan(s) or that portion of the loan(s) that has not been redeemed by the State in return for partial fulfillment of the five-year contract.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 4 - NURSING FACULTY LOAN REDEMPTION PROGRAM › Section 9A:10-4.8 - Waiting list for eligible applicants if program funds are exhausted

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In the event program funds are exhausted in a given fiscal year, eligible applicants will be placed on a waiting list for loan redemption in the date order in which the Authority received their applications.
1. The number of people on the waiting list will be limited to an amount equal to the number of participants newly funded in that fiscal year. Applicants who are not accepted into the program, or onto the waiting list, may reapply the following fiscal year.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 4 - NURSING FACULTY LOAN REDEMPTION PROGRAM › Section 9A:10-4.9 - Appeals process

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When an applicant has received a notification of ineligibility for program participation, he or she may submit a written appeal to the Director of Legal and Governmental Affairs within 30 days of the date of the notification. The written appeal must include the following:
1. A copy of the notification of ineligibility received by the applicant from the Authority; and
2. The reason(s) why the applicant feels he or she is eligible to participate in the program along with any documentation which the applicant has obtained to support the appeal, if applicable.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 4 - NURSING FACULTY LOAN REDEMPTION PROGRAM › Section 9A:10-4.10 - Program evaluation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Authority shall annually submit a program report to the Governor and the Chairs of the Senate Budget and Appropriations, Assembly Appropriations, Senate Education, Assembly Higher Education, Senate Health, Human Services and Senior Citizens, and Assembly Health and Human Services committees, or their successor committees. The report shall be submitted no later than August 1 of each year and shall include, but not be limited to, the following information for the prior fiscal year:
1. The total number of participants receiving loan redemption under the program;
2. The total number of participants who withdrew from the program or failed to complete the program's employment requirement; and
3. The effect of the program on filling vacant nurse faculty positions in the State and eliminating the need to turn away qualified nursing school applicants.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 4 - NURSING FACULTY LOAN REDEMPTION PROGRAM › Section 9A:10-4.11 - Reversion of participant's encumbered funds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In the event that any or all loan redemption funds encumbered for a program participant are not redeemed due to the termination of the participant's employment service obligation by the Authority or cancellation of the redemption contract by the participant, such funds will revert to the program fund and be available to enroll other eligible applicants.
(b) All unexpended program funds will carry over to the next fiscal year.
(c) The Higher Education Student Assistance Authority shall maintain the program fund containing State appropriations and carry-overs from the prior fiscal year.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 5 - STEM LOAN REDEMPTION PROGRAM › Section 9A:10-5.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
The rules established by this subchapter provide the policies and procedures for participation in the STEM Loan Redemption Program administered by the Higher Education Student Assistance Authority. This Program shall provide $ 1,000 to Program participants for each year of employment in a designated high-growth STEM occupation, up to a maximum of four years, for the redemption of a portion of their eligible qualifying loan expenses.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 5 - STEM LOAN REDEMPTION PROGRAM › Section 9A:10-5.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"Approved STEM degree program" means an undergraduate or advanced degree program required for a participant to engage in a designated high-growth STEM occupation.
"Authority" means the Higher Education Student Assistance Authority.
"Designated high-growth STEM occupation" means the designated list of occupations, to be posted on the Authority's website and updated every two years by the Authority, in consultation with the Department of Labor and Workforce Development. The list shall include occupations with projected growth in New Jersey of at least 10 percent, based on the most recently reported data from the United States Bureau of Labor Statistics, or occupations the Authority deems important to the State's strategic economic goals. Medical doctor and teaching professions are not high-growth STEM occupations. The initial list of designated high-growth STEM occupations is as follows:
1. Operations research analyst;
2. Statistician;
3. Mathematician;
4. Software developer, applications;
5. Web developer;
6. Computer systems analyst;
7. Biomedical engineer;
8. Computer and information systems manager;
9. Geological and petroleum technician;
10. Geoscientist, except hydrologist and geographer;
11. Environmental engineer;
12. Hydrologist;
13. Actuary;
14. Software developer/systems software;
15. Physicist; and
16. Biochemist and biophysicist.
"Eligible qualifying loan expenses" means the cumulative outstanding balance of qualifying student loans, including interest paid or due, covering the cost of attendance at an institution of higher education for an undergraduate or advanced degree from an approved STEM degree program.
"Executive Director" means the Executive Director of the Higher Education Student Assistance Authority.
"Program" means the STEM Loan Redemption Program established pursuant to N.J.S.A. 18A:71C-66 et seq.
"Program participant" means a person who contracts with the Authority to maintain employment in a designated high-growth STEM occupation in exchange for the redemption of eligible qualifying loan expenses provided under the Program.
"Qualifying student loan" means a State or Federal loan for the actual costs paid for tuition and reasonable education and living expenses relating to obtaining an academic degree in an approved STEM degree program.
"STEM" means science, technology, engineering, and math.
"Total and permanent disability" means a physical or mental disability that is expected to continue indefinitely or result in death and renders a Program participant unable to perform that person's employment obligation, as determined by the Executive Director, or designee.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 5 - STEM LOAN REDEMPTION PROGRAM › Section 9A:10-5.3 - Eligibility requirements for Program participation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) To be eligible for participation in the Program, an applicant must:
1. Be a New Jersey resident and maintain residency in the State during Program participation;
2. Be a graduate of an approved STEM degree program at an institution of higher education located in New Jersey;
3. Have an outstanding balance on a qualifying student loan and not be in default on any qualifying student loan;
4. Have been employed full-time in a designated high-growth STEM occupation in the State for a minimum of four years prior to initial application to the program and be employed thereafter for an additional one to four years in a designated high-growth STEM occupation in the State;
5. Not have previously been selected for participation in the Program; and
6. Provide certification from the applicant's employer 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.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 5 - STEM LOAN REDEMPTION PROGRAM › Section 9A:10-5.4 - Application procedures

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In order to apply for participation in the Program, an applicant must complete a Program application and submit the complete application to the Authority.
1. The Program application includes, but is not limited to:
i. The applicant's identification and contact information;
ii. Identification and contact information for the applicant's employer;
iii. Documentation proving that at the time of the application, the applicant had been employed for a minimum of four years in a designated high-growth STEM occupation in New Jersey. Acceptable documentation includes, but is not limited to: certifications from all employers attesting to start and end dates in a previous position, W-2 forms, or other substantiating documentation, as may be deemed acceptable by the Authority upon specific case review; and
iv. Certification, in the form approved by the Authority, from the applicant's employer verifying the participant's start date and continuous employment with the employer and 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.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 5 - STEM LOAN REDEMPTION PROGRAM › Section 9A:10-5.5 - Terms for loan redemption

Current through Register Vol. 56, No. 14, July 15, 2024
(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.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 5 - STEM LOAN REDEMPTION PROGRAM › Section 9A:10-5.6 - Termination or suspension of the participant's participation contract

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Authority shall terminate the participant's participation contract if it determines:
1. On the basis of a sworn affidavit of a qualified physician, that the participant is totally and permanently disabled;
2. On the basis of a death certificate, or other evidence of death that is conclusive under State law, that the participant has died;
3. On the basis of substantiating documentation as may be deemed necessary by the Authority upon specific case review, that continued enforcement of the employment service obligation may result in extreme hardship for the participant;
4. That the participant is no longer employed in a designated high-growth STEM position;
5. That the participant has been convicted of a felony and/or a high misdemeanor, as defined at N.J.S.A. 2C:1-4.d, has committed an act of gross negligence in the performance of his or her employment service obligation, or that the participant has not met the employer's performance standards; or
6. The participant has not completed the tasks required pursuant to N.J.A.C. 9A:10-5.5(b) to receive the loan redemption within 60 days of written request for the required documents by the Authority.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 5 - STEM LOAN REDEMPTION PROGRAM › Section 9A:10-5.7 - Appeals process

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When an applicant has received a notification of ineligibility for Program participation, the applicant may submit a written appeal to the Authority within 30 days of the date of the notification. The written appeal must include the following:
1. A copy of the notification of ineligibility received by the applicant from the Authority; and
2. The reason(s) why the applicant feels the applicant is eligible to participate in the Program along with any documentation that the applicant has obtained to support the appeal, if applicable.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.1 - Purpose

Current through Register Vol. 56, No. 14, July 15, 2024
The purpose of this subchapter is to provide guidance on the implementation of the New Jersey College Loans to Assist State Students (NJCLASS) Program, a State student loan program intended to supplement the Federal Direct Loan Program and make State sponsored student loans available to students who cannot obtain Federal Direct Loans, either because those loans are not available, because the student does not meet the program eligibility requirements as defined by the Federal government, because the student has additional financial need unmet by Federal Direct Loans, or because the NJCLASS program may offer more affordable interest rates and fees than Federal Direct Unsubsidized Loans. In the NJCLASS Program, the Authority issues bonds, notes, or another form of debt instrument, and with the proceeds of that issuance, funds student loans and either directly or through an agent serves as lender and servicer of the loans. As funding for the NJCLASS Program is not backed by a Federal guarantee, funding sources are safeguarded by requiring as key elements of borrower eligibility for this State program that the borrower either be creditworthy or not have adverse credit.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.2 - Scope

Current through Register Vol. 56, No. 14, July 15, 2024
These rules provide the policies and procedures that govern the NJCLASS Program, a State student loan program administered by the Higher Education Student Assistance Authority (HESAA).
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.4 - Eligibility for the NJCLASS Loan Program

Current through Register Vol. 56, No. 14, July 15, 2024
(a) To be eligible for a Standard NJCLASS loan, each applicant must:
1. Be a citizen, national or legal resident of the United States or be in the United States for other than temporary purposes and intend to become a permanent resident (as evidenced by United States Citizenship and Immigration Services, or its successor agency, documentation);
2. Not owe a grant refund, be in default on a student loan, have a student loan written off as uncollectible, or be in violation of any of the other criteria for determining creditworthiness as outlined in N.J.A.C. 9A:10-6.5;
3. Provide an acceptable cosigner if it is determined by the Authority that one is required; and in the case of any Federal Direct Loan amount, or any NJCLASS Loan Program loan, Refinance Loan, or NJCLASS Consolidation Loan amount that previously was canceled due to the applicant's total and permanent disability, obtain a certification from a physician that the applicant's condition has improved, and that the applicant is able to engage in substantial gainful activity and sign a statement acknowledging that the Standard NJCLASS loan the applicant receives cannot be canceled in the future on the basis of any impairment present when the new loan is made, unless that impairment substantially deteriorates. If the applicant is not the student, and the student had any loan amount described in this paragraph canceled due to the student's total and permanent disability, the student on whose behalf another borrower or cosigner is applying for a Standard NJCLASS loan must obtain the physician certification as to the student's improvement and sign the statement limiting future cancellation on the basis of the student's present impairment; and
4. Provide at least two references for the borrower, and co-borrower if applicable, and at least two references for the cosigner, and joint cosigner if applicable.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.5 - NJCLASS creditworthiness

Current through Register Vol. 56, No. 14, July 15, 2024
(a) To be approved for an NJCLASS Loan Program loan, an applicant must be determined creditworthy by the Authority.
(b) The Authority may require that applicants submit to the Authority information that includes the most recent signed Federal Income Tax Return, including all schedules, and current pay stub or other documentation of income, if applicable. For joint filers, this documentation may include the current pay stub or other documentation of income, if applicable, of both filers.
(c) To be approved for a Standard NJCLASS loan, a creditworthy applicant must have documentable annual income that exceeds Federal poverty guidelines, as adjusted annually by the United States Department of Health and Human Services. The amount by which income must exceed Federal poverty guidelines is determined by the indentures for the bonds or notes whose proceeds are funding the loan.
(d) An applicant with one or more of the items listed below in his or her credit history may be denied a Standard NJCLASS loan for not being creditworthy. These items include delinquent accounts, paid and unpaid collection accounts, paid and unpaid charged off accounts, foreclosure, repossession, bankruptcy, or a paid or unpaid judgment.
(e) Applicants who do not meet the income and credit requirements may reapply with an eligible co-borrower or cosigner who does meet the income and credit requirements of this section.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.6 - Loan amounts

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The amount borrowed for an NJCLASS Loan Program loan shall not exceed a student's estimated cost of attendance at the eligible institution minus all other financial assistance for which the student is eligible for the academic period for which the loan is intended. This means that an eligible institution shall determine a student borrower's loan amount eligibility for Federal Direct loans prior to determining a student borrower's loan amount eligibility for an NJCLASS Loan Program loan. This eligibility determination excludes eligibility for Federal Direct PLUS loans.
1. When establishing the maximum annual loan amount for a student borrower, the authority shall deduct the maximum amount of Federal Direct Subsidized Loans available to the student from the available NJCLASS loan amount. If the available interest rate for Federal Direct Unsubsidized Loans is lower than the interest rates available to the student under the NJCLASS Loan Program, the authority shall deduct the maximum amount of Federal Direct Unsubsidized Loans available to the student from the available NJCLASS loan amount. The authority may deduct the maximum amount of Federal Direct Unsubsidized Loans available to the student from the available NCLASS loan amounts when Federal borrower benefits are more advantageous to the student.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.7 - Application procedures, disbursement, and students who transfer

Current through Register Vol. 56, No. 14, July 15, 2024
(a) To borrow under the NJCLASS Loan Program, after the student has applied for Federal financial aid using the approved Federal application, the process shall be, as follows:
1. The applicant shall review the NJCLASS Application Disclosure form and complete the NJCLASS application, promissory note and self-certification form, if required. All parts of the application, promissory note and self-certification, if required by Federal law, including all related documentation, must be completed and all requested documentation must be submitted to the Authority; and
2. The Authority shall notify the eligible institution the student attends or plans to attend that the student qualifies for a loan pending certification and request the school to certify the student's eligibility for an NJCLASS Loan Program loan.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.8 - Fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) As determined by the indentures for the bonds or notes whose proceeds are funding the loan or by the NJCLASS Application and Promissory Note if the loan is funded through other means, a recipient of an NJCLASS Loan Program loan may be required to pay an application and an administrative fee to the Authority, which combined shall not exceed five percent of the total approved loan amount.
1. Pursuant to the loan disclosure statements accepted by the borrowers, these fees shall either be deducted from the loan proceeds or added to the loan balance. The indentures for the bonds or notes whose proceeds are funding the loan determine whether the fees shall be deducted from the loan proceeds or added to the loan balance.
2. For multiple disbursed loans, an equal percentage of these fees shall be deducted or added from each loan disbursement.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.9 - Interest

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The NJCLASS Loan Program loan shall have a daily fixed simple annual interest rate, a variable interest rate, or another type of interest rate, as determined by the indentures for the bonds or notes whose proceeds are funding the loan or by the NJCLASS Application and Promissory Note if the loan is funded through other means. For NJCLASS Loan Program loans funded through bonds, the NJCLASS Loan Program interest rate will be a pass through rate of the bond interest rate, associated costs of sale, and such other costs or reserves which may be required, and/or determined as the bonds are issued.
(b) Interest on an NJCLASS Loan Program loan shall begin to accrue at the time of the first loan disbursement.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.10 - Late charge

Current through Register Vol. 56, No. 14, July 15, 2024
The Authority may collect a late charge from the borrower if the borrower fails to pay all or part of the required payment of an NJCLASS Loan Program loan within 10 days of the date the payment is due. The late charge may not exceed six percent of each late payment.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.11 - Repayment of loan

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Authority shall provide the borrower and cosigner, if any, with a Pre-Disbursement Disclosure Statement detailing expected monthly payment amounts and due dates of required payments at least three days prior to the first loan disbursement.
(b) There are three primary repayment options for NJCLASS Loan Program loans. The details and eligibility criteria for each specific option and their variations may be restricted by the bond indentures. Borrowers shall indicate preferred repayment options while applying for an NJCLASS Loan Program loan. Applications cannot be processed until a repayment option is selected. The Authority shall make best efforts, based on available funding, to offer borrowers the repayment option selected. If the selected option is unavailable the loan offer will include the most similar available repayment option. The interest rate is established by the Authority pursuant to N.J.A.C. 9A:10-6.9(a). The three primary repayment options for an NJCLASS loan are as follows:
1. Borrowers begin to pay the principal and interest of the loan on a monthly basis. The first payment of principal and interest is due within 60 days after the loan is first disbursed;
2. Borrowers begin to pay interest on the loan, but are not required to pay principal until graduation, withdrawal or notification of less than half-time enrollment of the student on whose behalf the loan was obtained; or
3. Borrowers are not required to pay principal or interest until graduation, withdrawal, or notification of less than half-time enrollment of the student on whose behalf the loan was obtained. Once one of these circumstances occurs, the loan reverts to a repayment schedule as set forth in (b)1 above. However, payment of interest accrued from the date of loan disbursement is deferred, and is capitalized (added to principal) on an annual basis, or more frequently as determined by the applicable bond indentures. The first monthly payment of principal and interest shall be required within 60 days after the reversion date.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.13 - NJCLASS Consolidation Loan Program

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to the availability of funds, the Authority offers an NJCLASS Consolidation Loan Program for the purpose of permitting existing NJCLASS borrowers and/or co-borrowers to consolidate their existing NJCLASS Loan Program loans into a single NJCLASS Consolidation Loan. The purpose of the NJCLASS Consolidation Loan Program is to provide borrowers with high NJCLASS Loan Program debt an extended repayment term, which provides for lower monthly payments.
(b) To participate in the NJCLASS Consolidation Loan Program, either the borrower or the co-borrower on the NJCLASS Consolidation loan shall also be either the borrower or the co-borrower on each of the underlying loans being consolidated and shall have at least $ 30,000 outstanding in current NJCLASS loans that will be consolidated.
(c) Only NJCLASS Loan Program loans in monthly repayment of principal and interest are eligible for consolidation into an NJCLASS Consolidation Loan. Refinance Loans and existing NJCLASS Consolidation Loans are not eligible to be consolidated. The student for whom the underlying NJCLASS Loan Program loan was obtained shall no longer be enrolled in school. He or she shall have graduated or withdrawn.
(d) To be eligible for an NJCLASS Consolidation Loan, the NJCLASS borrower and/or co-borrower shall:
1. Be a citizen, national or legal resident of the United States or be in the United States for other than temporary purposes and intend to become a permanent resident (as evidenced by United States Citizenship and Immigration Services, or its successor agency, documentation);
2. Not owe a grant refund, be in default on a student loan, have a student loan written off as uncollectible, or be in violation of any of the other criteria for determining creditworthiness as outlined in (f) below;
3. Provide an acceptable cosigner if the Authority determines that one is required;
4. In the case of any Federal student loan amount, or any NJCLASS Loan Program Loan, Refinance Loan, or NJCLASS Consolidation Loan amount that previously was canceled due to the borrower's total and permanent disability, obtain a certification from a physician that the borrower's condition has improved and that the borrower is able to engage in substantial gainful employment and sign a statement acknowledging that the NJCLASS Consolidation Loan that the borrower receives cannot be canceled in the future on the basis of any impairment present when the new loan is made, unless that impairment substantially deteriorates; and
5. Provide at least two references for the borrower, and co-borrower if applicable, and at least two references for the cosigner, and joint cosigner if applicable.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.14 - Delinquency

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In keeping with the Authority's goals of default prevention in the NJCLASS Loan Program, the Authority may perform a series of default prevention activities beginning when an NJCLASS Loan Program loan is 10 days delinquent.
(b) Default prevention activities shall include, but not be limited to, letters, electronic communications, and telephone calls to the borrower and cosigner, if any, beginning after the first 10 days of delinquency. Thirty days before sending a letter of default (180 days delinquent, or 240 days delinquent depending on whether payments are due monthly or less frequently than monthly), the Authority shall attempt to telephone the borrower and cosigner and send the borrower and cosigner a final demand letter.
(c) Delinquency may also result in the loss of eligibility for other student aid, negative credit reports and administrative wage garnishment.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.15 - Credit bureau reporting

Current through Register Vol. 56, No. 14, July 15, 2024
The Authority shall report the status of all NJCLASS Loan Program loans, Refinance Loans and NJCLASS Consolidation Loans, for borrowers and cosigners, in the NJCLASS portfolio to a national credit bureau each month.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.16 - Default, consequences of default, and rehabilitation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Default occurs when a borrower fails to make an installment payment when due, or to meet other terms of the Promissory Note under circumstances where the Authority finds it reasonable to conclude that the borrower no longer intends, or is no longer able, to honor the obligation to repay, or when the borrower fails to make installment payments when due, provided failure to repay persists for:
1. At least 180 days when payments are due monthly; or
2. At least 240 days during the student's in-school period when payments are due less frequently than monthly.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.18 - Refinance Loans

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to the availability of funds with sufficiently low interest rates, the Authority may offer refinance loans. The purpose of such refinance loans is to assist qualified borrowers by lowering the total finance charges associated with repaying their student loans, by paying off one or more existing NJCLASS Loan Program loans, other Refinance Loans, NJCLASS Consolidation Loans, Federal Parent PLUS loans, and/or school-certified private education loans, and replacing such obligations with one single loan that charges a lower interest rate than that of the original loan or loans.
(b) The borrower of a refinance loan must be the borrower on all of the underlying loans being refinanced by the refinance loan.
(c) All underlying loans must be in monthly repayment of principal and interest in order to be refinanced by a refinance loan.
(d) To be eligible for a refinance loan, the borrower and/or co-borrower shall:
1. Be a citizen, national, or legal resident of the United States or be in the United States for other than temporary purposes and intend to become a permanent resident (as evidenced by United States Citizenship and Immigration Services, or its successor agency, documentation);
2. Be at least 18 years old;
3. Not owe a grant refund, be in default on a student loan, have a student loan written off as uncollectible, or be in violation of any of the other criteria for determining creditworthiness as outlined at (f) below;
4. Provide an acceptable cosigner if the Authority determines that one is required;
5. In the case of any Federal student loan amount, or any NJCLASS Loan Program Loan, Refinance Loan, or NJCLASS Consolidation Loan amount that previously was canceled due to the borrower's total and permanent disability, obtain a certification from a physician that the borrower's condition has improved and that the borrower is able to engage in substantial gainful employment and sign a statement acknowledging that the refinance loan that the borrower receives cannot be canceled in the future on the basis of any impairment present when the new loan is made, unless that impairment substantially deteriorates; and
6. Provide at least two references for the borrower, and co-borrower, if applicable, and at least two references for the cosigner, and joint cosigner, if applicable.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 6 - THE NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (NJCLASS) PROGRAM: POLICIES AND PROCEDURES › Section 9A:10-6.19 - Authority enforcement requirements for schools participating in the NJCLASS Loan Program

Current through Register Vol. 56, No. 14, July 15, 2024
(a) To assess the administrative and financial capability of a school participating in the NJCLASS Loan Program, the Authority may either conduct a management review solely dedicated to the NJCLASS Loan Program or may expand the scope of a State scholarship and Tuition Aid Grant management review to cover the NJCLASS Loan Program.
(b) In the event a school is selected for review, the Authority shall provide the school at least 30 days notice of the date of the on-site or virtual review. The Authority shall also notify the school of the financial and administrative information required for the on-site or virtual visit.
(c) The school shall be required to cooperate with Authority reviewers by making staff available to reviewers at entrance and exit interviews and by supplying additional material to reviewers, if requested, during the on-site or virtual visit.
(d) The program review follow up and other enforcement procedures are, as follows:
1. The reviewer shall issue a program review report to the school being reviewed;
2. The program review ends when all required actions are completed and any required refunds are made to the Authority by the school being reviewed;
3. When the program review ends, the reviewer shall notify the school, in writing, that the program review is closed;
4. The Authority may pursue a limitation, suspension, or termination action regarding participation in NJCLASS as a result of a program review or if the Authority is unable to close a program review because the school is uncooperative in taking the required corrective action;
5. If the institution disagrees with any of the program review report findings or required actions, the institution may submit a written appeal to the Authority's Chief Compliance Officer within 30 days of receipt of the report. The written appeal must explain in detail why the institution is appealing the program review findings or required actions, including any supporting documentation. The Authority's Chief Compliance Officer will provide the institution with a written response within 60 days of receipt of the appeal; and
6. If potential fraud or abuse with respect to NJCLASS participation is identified during a program review, the reviewers shall notify and forward all supporting documentation to the Office of the Attorney General and the appropriate prosecuting authorities for further action.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 7 - POLICY GOVERNING NEW JERSEY BETTER EDUCATIONAL SAVINGS TRUST (NJBEST) PROGRAM › Section 9A:10-7.1 - Purpose

Current through Register Vol. 56, No. 14, July 15, 2024
The rules established by this subchapter are designed to promote savings for college through a college savings program that provides Federal and State tax benefits to participants.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 7 - POLICY GOVERNING NEW JERSEY BETTER EDUCATIONAL SAVINGS TRUST (NJBEST) PROGRAM › Section 9A:10-7.2 - Scope

Current through Register Vol. 56, No. 14, July 15, 2024
The requirements set forth under this subchapter cover the administration, the policies and the procedures for participation in the New Jersey Better Educational Savings Trust (NJBEST) Program.