reglab/statecodes huggingface dataset:
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:10-7.4 - Procedure for opening an account

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The program shall be operated as a trust through the use of accounts for designated beneficiaries. An account may be opened by any person who desires to save to pay the qualified higher education expenses of a person by satisfying each of the following requirements:
1. Completing an application in the form prescribed by the Authority and thereby entering into a participation agreement with the Authority. The application shall include identifying information about the contributor, the successor contributor, if any, and the designated beneficiary, information about the amount and method of contribution, and residency information if applicable;
2. Making the minimum contribution required by the Authority for opening an account, which shall be $ 25.00;
3. Indicating the account or accounts to be opened; and
4. If the investment manager is the Division of Investment in the Department of the Treasury, demonstrating to the satisfaction of the Authority that either the contributor, if an individual, or the designated beneficiary is a New Jersey resident. Residence is defined in terms of domicile. Domicile is defined as the place where a person has his or her true, fixed, permanent home and principal establishment, and to which, whenever he or she is absent, he or she has the intention of returning. Documents providing evidence of residency include but are not limited to: driver's license, voter registration form, tax return(s). If the investment manager is not the Division of Investment in the Department of the Treasury, the requirement of New Jersey residency for either the contributor or the designated beneficiary would not apply unless otherwise determined by the Authority.
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:10-7.5 - Contributions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Contributions to accounts may be made only in cash, as defined in N.J.A.C. 9A:10-7.3.
(b) Any person may make contributions to an account after the account is opened.
(c) The minimum contribution to an account at any one time shall be no less than $ 25.00 with the exception of automatic payroll deductions.
(d) The minimum contribution to maintain an account shall be either $ 25.00 a month or $ 300.00 a year. Once at least $ 1,200 is contributed to an account and provided there is no nonqualified withdrawal from that account, no additional contributions are required to maintain the account.
(e) The maximum contribution for any designated beneficiary shall not exceed the amount necessary to pay the qualified higher education expenses of the designated beneficiary. To achieve this end, the Authority directly or through a contractor shall:
1. Issue procedures for aggregating the total balance of multiple accounts established for a designated beneficiary;
2. Establish a maximum contribution amount that can be deposited in accounts for a designated beneficiary;
i. The contributions to all "qualified tuition programs" (as defined in section 529 of the Federal Internal Revenue Code of 1986, 26 U.S.C. §
												529) of which the NJBEST Program designated beneficiary is the designated beneficiary shall not exceed the lesser of an amount to be determined by the Authority, subject to annual review, based on the sum of five times the annual aggregate cost of undergraduate tuition, room, board, and required fees, as published for financial aid purposes, at an eligible undergraduate higher education institution in the United States that the Authority determines to be among the highest-cost and two times the annual aggregate cost of graduate or professional school tuition, room, board, and required fees, as published for financial aid purposes, at an eligible graduate or professional higher education institution in the United States that the Authority determines to be among the highest-cost, with the sum then being rounded down to the nearest $ 5,000 increment, or such lesser amount as the Authority may determine to be the maximum contribution limit permitted by section 529 of the Federal Internal Revenue Code of 1986, 26 U.S.C. §
												529. Notice of any change in the amount will be published as a public notice in the New Jersey Register; and
3. Require that any excess contributions with respect to a designated beneficiary be promptly withdrawn in a nonqualified withdrawal or rolled over to another account in accordance with N.J.A.C. 9A:10-7.8 through 7.11.
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:10-7.6 - Cancellations and withdrawals

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A contributor may at any time cancel a participation agreement with the Authority by providing the Authority 60 days' notice to terminate the agreement. If the participation agreement is cancelled, the contributor is entitled to a withdrawal of contributions and earnings.
(b) Contributors may withdraw part or all of the balance from an account upon prior notice to the Authority.
(c) For qualified withdrawal of contributions and earnings from an account, a certification acceptable to the Authority must be provided that the withdrawal is for one or more of the following reasons:
1. The withdrawal is to be used for qualified higher education expenses of the designated beneficiary;
2. The withdrawal is made on account of the death or disability of the designated beneficiary; or
3. The withdrawal is made on account of a scholarship (or allowance or payment described in section 135(d)(1)(B) or (C) of the Federal Internal Revenue Code of 1986, 26 U.S.C. §
											135 ) received by the designated beneficiary, but only to the extent of the amount of that scholarship, allowance or payment.
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:10-7.7 - Procedures for changes in designated beneficiary in the New Jersey Better Educational Savings Trust (NJBEST) Program

Current through Register Vol. 56, No. 14, July 15, 2024
A contributor may change the designated beneficiary of an account as permitted in section 529 of the Federal Internal Revenue Code of 1986, 26 U.S.C. §
										529, by providing prior notice to the Authority of the request to change and evidence acceptable to the Authority that the new designated beneficiary is a member of the family of the current designated beneficiary.
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:10-7.8 - Rollover to a different qualified tuition program for the benefit of the same designated beneficiary or a new designated beneficiary

Current through Register Vol. 56, No. 14, July 15, 2024
A contributor may rollover all or a portion of an account to a different qualified tuition program for the benefit of the designated beneficiary or to the credit of another designated beneficiary who is a member of the family of the current beneficiary as permitted in section 529 of the Federal Internal Revenue Code of 1986, 26 U.S.C. §
										529, by paying the fee required under 9A:10-7.1 2(b), and providing the Authority with prior notice of the request to change and evidence acceptable to the Authority that the new program is a qualified tuition program and the new beneficiary is the same as the current beneficiary or a member of the family of the current designated beneficiary as permitted in section 529 of the Federal Internal Revenue Code of 1986, 26 U.S.C. §
										529.
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:10-7.9 - Limitation on rollover to a qualified tuition program other than NJBEST

Current through Register Vol. 56, No. 14, July 15, 2024
Any transfer, if such transfer occurs within 12 months from the date of a previous transfer, to any qualified tuition program for the benefit of the designated beneficiary may be a nonqualified withdrawal which may result in a distribution includible in Federal gross income to the extent required under section 529 of the Federal Internal Revenue Code of 1986, 26 U.S.C. §
										529.
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:10-7.10 - Rollover to an alternative investment strategy within NJBEST

Current through Register Vol. 56, No. 14, July 15, 2024
A contributor may rollover all or a portion of an account to an alternative investment strategy if offered by the NJBEST Program for the benefit of the designated beneficiary or to the benefit of another designated beneficiary who is a member of the family of the current beneficiary as permitted in section 529 of the Federal Internal Revenue Code of 1986, 26 U.S.C. §
										529, by providing the Authority prior notice of the request to change and evidence acceptable to the Authority that the new beneficiary is the same as the current beneficiary or is a member of the family of the current designated beneficiary as permitted in section 529 of the Federal Internal Revenue Code of 1986, 26 U.S.C. §
										529.
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:10-7.11 - Limitation on rollover within NJBEST

Current through Register Vol. 56, No. 14, July 15, 2024
Rollover of all or a portion of an account to an alternative investment strategy if offered by the NJBEST Program for the benefit of the designated beneficiary is permitted only once per calendar year. Rollover of all or a portion of an account to an alternative investment strategy if offered by the NJBEST Program for the benefit of another designated beneficiary who is a member of the family of the current beneficiary as permitted in section 529 of the Federal Internal Revenue Code of 1986, 26 U.S.C. §
										529 is not subject to the once in a calendar year requirement.
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:10-7.12 - Fees and charges

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Authority may impose and collect reasonable fees and charges in connection with any agreement, contract or transaction relating to NJBEST. Charges on assets may include administrative and program management fees of 40 basis points (0.40 percent) for accounts managed by the Investment Manager without the services of a subcontractor investment manager and 80 basis points (0.80 percent) for accounts involving the services of a subcontractor investment manager, investment management fees and other Trust expenses not in excess of 150 basis points (1.50 percent), and, in addition, sales loads and other ongoing distribution fees as may be set by the Investment Manager and which are fully disclosed to the contributor prior to any investment in NJBEST. Fees and charges may be imposed directly on contributors (such as sales loads) or may be taken as a percentage of the assets in the Trust or each contributor's account, as applicable.
(b) The Authority may charge a service fee up to the amount of $ 75.00 for all outgoing account rollovers to a qualified tuition program other than NJBEST as defined in section 529 of the Federal Internal Revenue Code of 1986, 26 U.S.C. §
										529.
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:10-7.13 - Statements, reports on distributions, information returns

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Authority or its designee shall prepare, distribute, and file statements, reports on distributions, and information returns relating to accounts to the extent required by section 529 of the Federal Internal Revenue Code or regulations issued thereunder. Separate records and accounting shall be maintained for each account for each designated beneficiary.
(b) Statements shall be provided to each contributor at least once each year within 31 days of the end of the 12-month period to which they relate. The statement shall identify the contributions made during the preceding 12-month period, the value of the account as of the end of such period, distributions made during such period and any other matters that the Authority shall require to be reported to the contributor, to the extent required by section 529 of the Federal Internal Revenue Code or regulations issued thereunder.
(c) If there is any contribution to or distribution from an account to any individual or for the benefit of any individual during a calendar year, such contribution or distribution shall be reported to the Internal Revenue Service and to the contributor or designated beneficiary to the extent required by Federal law or regulation.
(d) Statements and information returns relating to accounts shall be prepared and filed to the extent required by Federal or State tax law.
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:10-7.14 - Exclusion from New Jersey gross income

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Gross income shall not include the earnings on or qualified distribution from an individual trust account or savings account established under the NJBEST Program.
(b) "Qualified distribution" is defined in accordance with 54A:6-25(c)(3)  as follows:
1. A distribution from a qualified state tuition program account that is used for qualified higher education expenses as defined pursuant to section 529(e)(3) of the Federal Internal Revenue Code of 1986, 26 U.S.C. §
											529;
2. A rollover from one qualified tuition program account to another qualified tuition program account as described in section 529(c)(3)(C)(i) or section 530(d)(5) of the Federal Internal Revenue Code of 1986, 26 U.S.C. §
											529 or §
										530; or
3. A change in designated beneficiaries of an account as prescribed in section 529(c)(3)(C)(ii) or section 530(d)(6) of the Federal Internal Revenue Code of 1986, 26 U.S.C. §
											529 or §
										530.
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:10-7.15 - Eligibility for NJBEST scholarship

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An additional amount of $ 2,000, subject to funding available therefor, shall be credited toward the qualified higher education expenses of a designated beneficiary at the time of a qualified withdrawal provided:
1. The contributor demonstrates to the satisfaction of the Authority that the contributor participated in the program by making and not withdrawing a qualifying minimum initial deposit of $ 1,200 or that qualifying minimum annual contributions of $ 300.00 for a designated beneficiary were made by persons based on the time periods for crediting these contributions in (a)1i, ii, and iii below. In all cases involving the eligibility of a designated beneficiary for an NJBEST scholarship, the Authority reserves the right to make the final determination as to whether contributions have met the time periods as stated in this paragraph for participation in the NJBEST Program.
i. For students enrolling for the first time in the fall semester of an academic year, the first contribution to NJBEST must have been credited to the contributor's account more than 48 months prior to September 1st of that academic year;
ii. For students enrolling for the first time in the spring semester of an academic year, the first contribution to NJBEST must have been credited to the contributor's account more than 48 months prior to February 1st of that academic year; or
iii. For students enrolling for the first time in any trimester of an academic year at an institution operating on a trimester or other academic schedule, the first contribution to NJBEST must have been credited to the contributor's account more than 48 months prior to the first day of the month in which the student is first enrolled.
iv. First time enrollment is defined as the first time a student enrolls on either a full- or half-time basis at any institution of post-secondary education. For semester schools, if a student's first term of enrollment is for the summer or winter term, the succeeding fall or spring semester will be considered the student's first term of enrollment.
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:10-7.16 - Amount excluded from State need-based financial aid eligibility

Current through Register Vol. 56, No. 14, July 15, 2024
(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.
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:10-7.17 - Statement on contracts and applications

Current through Register Vol. 56, No. 14, July 15, 2024
Every contract and application that may be used in connection with a contribution to an account shall clearly indicate that the account is not insured by this State nor is an investment return guaranteed by this State.
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:10-7.18 - Selection of investment manager

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Should the Authority determine to select an investment manager or managers other than the Division of Investment in the Department of the Treasury, it shall solicit proposals and shall select from among the bidders the investment manager or managers based on the following factors not necessarily listed in order of significance. These factors are general in nature. Cost shall not be the sole determining factor.
1. The investment manager's ability to adhere to the prudent person standard of care applicable to the Division of Investment in the Department of the Treasury pursuant to subsection b. of section 11 of P.L. 1950, c.270 (52:18A-89 );
2. The impact of fees and costs to be imposed by the manager or managers on investment returns to contributors;
3. The comparison of fees and costs to be imposed by the manager or managers with comparable fees and costs that would be imposed if the Division of Investment in the Department of the Treasury were the investment manager;
4. The investment manager's financial stability and integrity;
5. The ability of the investment manager to satisfy recordkeeping and reporting requirements;
6. The applicable experience of proposed contract staff in providing relevant investment management services;
7. The ability to assist participation in the program through features which may include willingness to accept minimum contributions, frequent contributions, debit and other automatic contributions, as well as customer service features that enable participant access to account information such as a toll-free telephone number and extended hours of business; and
8. The investment manager's capability and flexibility to provide accounting services and computer support programs to satisfy the stringent requirements and specifications of the Program.
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:10-7.19 - Investment by private entity

Current through Register Vol. 56, No. 14, July 15, 2024
If the investment manager is a private entity, the assets of the fund shall be invested in accordance with an investment plan approved by the State Investment Council in the Division of Investment, Department of the Treasury. Nothing in this section shall prohibit the Authority from offering part or all of the investment alternatives within the NJBEST Program to contributors with the Division of Investment as the investment manager.
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:10-7.20 - Certain limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Nothing in the NJBEST Program shall be construed to:
1. Guarantee that a designated beneficiary will be admitted to a higher education institution or be allowed to continue enrollment at or graduate from a higher education institution after admission;
2. Establish State residency for a person merely because the person is a designated beneficiary or contributor; or
3. Guarantee that amounts saved pursuant to the program will be sufficient to cover the qualified higher education expenses of a designated beneficiary.
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:10-7.21 - Assurance of the availability of principal

Current through Register Vol. 56, No. 14, July 15, 2024
Pursuant to N.J.S.A. 18A:71B-44a, the assurance of the availability of principal shall only apply to qualified distributions from accounts wherein the investment manager is the Division of Investment in the Department of the Treasury. Qualified distributions are defined in accordance with 54A:6-25(c)(3).
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:10-7.22 - Eligibility for NJBEST Matching Grant Program

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For accounts opened on or after June 29, 2021, the Authority will provide a one-time grant of up to $ 750.00 in a dollar-for-dollar match of an account owner's initial deposit into an NJBEST 529 College Savings Plan account provided:
1. The account owner's household adjusted gross income is equal to or greater than $ 0 and does not exceed $ 75,000;
2. The NJBEST 529 College Savings Plan account remains open and maintains up to $ 750.00 of the initial contribution for a minimum of three years following initial contribution into the contributor's account, or the matching grant funds will be forfeited back to the Authority; and
3. Sufficient funds are available to finance the matching grants from direct State appropriations to the Authority or from NJBEST administrative fees, the availability of which shall be determined annually by the Authority Board. The amount of the administrative fees shall not be increased to fund the matching grants.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 8 - LOAN REDEMPTION PROGRAM FOR TEACHERS IN HIGH-NEED FIELDS EMPLOYED IN LOW-PERFORMING SCHOOLS › Section 9A:10-8.1 - 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 Loan Redemption Program for Teachers in High-Need Fields Employed in Low-Performing Schools administered by the Higher Education Student Assistance Authority (Authority). This program shall provide redemptions of 25 percent of the outstanding principal and interest balance of a Program participant's New Jersey College Loans to Assist State Students (NJCLASS) loan amounts, up to $ 5,000, in return for each consecutive full year of service teaching in a high-need field in a low-performing school. The total amount of NJCLASS loan amounts that may be redeemed under the Program by a Program participant, for four full school years of service, shall not exceed $ 20,000.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 8 - LOAN REDEMPTION PROGRAM FOR TEACHERS IN HIGH-NEED FIELDS EMPLOYED IN LOW-PERFORMING SCHOOLS › Section 9A:10-8.3 - 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. Have an outstanding balance on an NJCLASS loan and not be in default on any NJCLASS loans;
3. Be certified by the Department to teach in New Jersey;
4. Have been initially hired to teach in a high-need field in a low-performing school on or after January 18, 2022, and be employed in a high-need field in a low-performing school at the time of application; and
5. Not previously have been selected for participation in the Program.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 8 - LOAN REDEMPTION PROGRAM FOR TEACHERS IN HIGH-NEED FIELDS EMPLOYED IN LOW-PERFORMING SCHOOLS › Section 9A:10-8.4 - 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 by the deadline the Authority posts on its website.
1. The Program application includes, but is not limited to:
i. The applicant's identification and contact information;
ii. Certification of full-time employment for a full school year from the applicant's current employer or anticipated employer, including the start date; and
iii. The account numbers for the applicant's outstanding NJCLASS loans.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 8 - LOAN REDEMPTION PROGRAM FOR TEACHERS IN HIGH-NEED FIELDS EMPLOYED IN LOW-PERFORMING SCHOOLS › Section 9A:10-8.5 - Terms for loan redemption

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An applicant who has been selected 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 four school years, and the total amount of NJCLASS loans to be redeemed by the Authority in return for service.
(b) Loan redemption under the Program shall amount to 25 percent of principal and interest of a Program participant's outstanding NJCLASS loan amount, not to exceed $ 5,000, in return for each consecutive full school year of approved employment service successfully completed by the Program participant. The total loan redemption amount for a Program participant shall not exceed $ 20,000.
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 $ 20,000 of Program funds, as necessary, to provide for the redemption of the participant's outstanding NJCLASS loans.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 8 - LOAN REDEMPTION PROGRAM FOR TEACHERS IN HIGH-NEED FIELDS EMPLOYED IN LOW-PERFORMING SCHOOLS › Section 9A:10-8.6 - Termination or suspension of the Program participant's participation contract

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Authority shall terminate the Program 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 teaching in a high-need field at a low-performing school, except as permitted at N.J.A.C. 9A:10-8.5(d);
5. That the participant's certification has been revoked;
6. 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
7. The participant has not submitted the certification required pursuant to N.J.A.C. 9A:10-8.5(c)  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 8 - LOAN REDEMPTION PROGRAM FOR TEACHERS IN HIGH-NEED FIELDS EMPLOYED IN LOW-PERFORMING SCHOOLS › Section 9A:10-8.7 - 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 9 - BEHAVIORAL HEALTHCARE PROVIDER LOAN REDEMPTION PROGRAM › Section 9A:10-9.1 - 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 Behavioral Healthcare Provider Loan Redemption Program administered by the Higher Education Student Assistance Authority. This Program shall provide redemptions not to exceed $ 50,000 of principal and interest of eligible student loan expenses for every two full years of service satisfactorily completed by the Program participant, for up to six years of service and a total loan redemption amount not to exceed $ 150,000.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 9 - BEHAVIORAL HEALTHCARE PROVIDER LOAN REDEMPTION PROGRAM › Section 9A:10-9.2 - 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 site" means a community provider of behavioral and mental health services in the State, identified by the Authority, in consultation with the Department, for inclusion in the Program. Approved sites include providers operated by a nonprofit; institutions of higher education; school district, county; the State; municipalities; and the Federal government.
"Authority" means the Higher Education Student Assistance Authority.
"Clinical practice" means assessment, diagnosis, treatment and prevention of mental illness, emotional and behavioral disturbances, including, but not limited to, providing individual, group, or family therapy or counseling services; and developing and implementing treatment and modification plans.
"Department" means the Department of Health.
"Eligible behavioral healthcare providers" means psychiatrists, licensed psychologists, licensed social workers, licensed clinical social workers, psychiatric nurse mental health clinical specialists, board certified behavior analysts, licensed clinical alcohol and drug counselors, licensed associate counselors, and licensed professional counselors. Providers shall engage in direct clinical practice with patients or clients for a minimum of 20 hours a week.
"Eligible qualifying loan expenses" means the cumulative outstanding balance of student loans covering the cost of attendance at an undergraduate or graduate institution of higher education at the time an applicant is selected for the Program. Interest paid or due on qualifying loans that an applicant has taken out for use in paying the costs of undergraduate or graduate education shall be considered eligible for reimbursement pursuant to the Program.
"Executive Director" means the Executive Director of the Higher Education Student Assistance Authority.
"Program" means the Behavioral Healthcare Provider Loan Redemption Program established pursuant to N.J.S.A. 18A:71C-87 et seq.
"Program participant" means a behavioral healthcare provider who contracts with the Authority to engage in the clinical practice of mental or behavioral healthcare at an approved site in exchange for the redemption of eligible qualifying loan expenses provided pursuant to the program.
"Qualifying loan" means a government or commercial loan for the actual costs paid for tuition and reasonable education and living expenses relating to the obtaining of a degree for use in a mental or behavioral healthcare profession.
"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 service obligation, as determined by the Executive Director, or the Executive Director's designee.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 9 - BEHAVIORAL HEALTHCARE PROVIDER LOAN REDEMPTION PROGRAM › Section 9A:10-9.3 - 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 shall:
1. Be a New Jersey resident and maintain residency in the State during Program participation;
2. Be employed, or plan to be employed, as an eligible behavioral healthcare provider at an approved site;
3. Maintain a license, as applicable, to practice as a behavioral healthcare provider in the State of New Jersey throughout participation in the Program;
4. Agree to practice as a behavioral healthcare provider at an eligible site pursuant to the terms specified at N.J.A.C. 9A:10-9.5;
5. Not be in default on any eligible qualifying loan;
6. Not previously have been selected for participation in the Program; and
7. Not currently be participating in any other State tuition or loan redemption program or in the Federally administered National Health Service Corps Loan Repayment Program, section 338B of the Public Health Service Act (42 U.S.C. §
											254l-1).
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 9 - BEHAVIORAL HEALTHCARE PROVIDER LOAN REDEMPTION PROGRAM › Section 9A:10-9.4 - 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 by October 31, each year. The Program application will be available on the Authority's website beginning on October 1, each year.
1. The program application includes, but is not limited to:
i. The applicant's identification and contact information;
ii. Certification of full-time employment, as well as whether the applicant works primarily with children or adolescents from the applicant's current employer or anticipated employer;
iii. Documentation necessary to demonstrate the applicant's eligibility to practice as a behavioral health provider, which includes, but is not limited to, a copy of the applicant's license to practice as a behavioral health provider, the applicant's undergraduate or graduate transcript, or the applicant's diploma; and
iv. Documentation evidencing qualifying education loan expenses.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 9 - BEHAVIORAL HEALTHCARE PROVIDER LOAN REDEMPTION PROGRAM › Section 9A:10-9.5 - Terms for loan redemption

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An applicant who has been selected for participation in the Program shall enter into a written contract with the Authority. The contract shall specify that the participant's approved service obligation will be for two years and that applicants will be eligible for up to two additional two-year terms. The duration of the participant's approved employment service obligation, with extensions, shall not exceed six years.
(b) Loan redemption pursuant to the Program shall not exceed $ 50,000 of principal and interest of eligible student loan expenses in exchange for each two-year term of service satisfactorily completed by the Program participant.
1. At the time an applicant is accepted as a Program participant and has entered into a written contract with the Authority for a two-year term, the Authority will encumber up to $ 150,000 of Program funds, as necessary, to provide for the redemption of the participant's outstanding eligible student loan expenses. Total loan redemption for three two-year terms shall not exceed $ 150,000.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 9 - BEHAVIORAL HEALTHCARE PROVIDER LOAN REDEMPTION PROGRAM › Section 9A:10-9.6 - Incentive grants

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Executive Director shall annually allocate a portion of the Program's appropriation for incentive grants to be awarded to Program participants who work primarily with children and adolescents. The individual incentive grant amount awards will be determined by dividing the annual allocation by the number of Program participants who are anticipated to complete a full year of service, working primarily with children or adolescents, during that fiscal year. Annual individual incentive grants shall not exceed $ 5,000.
(b) To receive an incentive grant each year the participant remains in the Program, within 30 days of written request from the Authority, the Program participant must submit a certification from the participant's employer of successful completion of a full year of full-time service primarily with children and adolescents.
(c) Program participants are eligible to receive up to six incentive grants, for a total of no more than $ 30,000.
(d) Program participants work primarily with children and adolescents if at least 51 percent of their clinical practice is with people under the age of 18.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS › Subchapter 9 - BEHAVIORAL HEALTHCARE PROVIDER LOAN REDEMPTION PROGRAM › Section 9A:10-9.7 - Termination or suspension of the Program participant's participation contract

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Authority shall terminate the Program participant's participation contract if it determines:
1. On the basis of a sworn affidavit of a qualified physician, that the participant has a total and permanent disability;
2. On the basis of a death certificate, or other evidence of death that is conclusive pursuant to 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 as an eligible behavioral healthcare provider at an approved site;
5. That the participant's license to practice has been revoked;
6. That the participant 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
7. The participant has not submitted the certification required pursuant to N.J.A.C. 9A:10-9.5(c)  to receive the loan redemption within 60 days of the 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 9 - BEHAVIORAL HEALTHCARE PROVIDER LOAN REDEMPTION PROGRAM › Section 9A:10-9.8 - 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 reasons why the applicant believes 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 11 - EDUCATIONAL OPPORTUNITY FUND: ADMINISTRATIVE PROCEDURES AND POLICIES › Subchapter 1 - AUTHORITY, MISSION AND SCOPE › Section 9A:11-1.1 - Authority

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Under the general supervision of the Office of the Secretary of Higher Education, the Educational Opportunity Fund Board of Directors creates and adopts such rules deemed necessary for the proper administration of the Educational Opportunity Fund (EOF), as set forth in 18A:71-31. The Board administers all Article III, Article IV, C. Clyde Ferguson Law Scholarship, and Martin Luther King Physician-Dentist Scholarship funds appropriated by the State Legislature and other public or private sources and is an agency of communication with departments and agencies of the U.S. government on the availability of grants or loans to New Jersey for purposes related or similar to those set forth in
18A:71-28
through 40 and
18A:72J-1
et seq. Through the Office of the Secretary of Higher Education, the Board of Directors is responsible and reports periodically in writing to the Governor and the Legislature on the performance of its duties in accordance with the law.
(b) Pursuant to
18A:71-28
through 40 and
18A:72J-1
et seq., the Board of Directors shall identify, recruit, and provide financial assistance to needy students who are residents of New Jersey in order that they may attend institutions of higher education. The Board is authorized to determine and promulgate standards of eligibility and award undergraduate and graduate "opportunity grants," C. Clyde Ferguson Law Scholarships, and Martin Luther King Physician-Dentist Scholarships to students attending institutions of collegiate grade that are licensed by the New Jersey Office of the Secretary of Higher Education and accredited by an accrediting body recognized by the U.S. Secretary of Education. The Board shall also develop, establish, and maintain programs of remedial and supplementary education for eligible students to be administered either directly or through cooperative ventures with any or all of these institutions.
New Jersey Administrative Code › Title 9A - HIGHER EDUCATION › Chapter 11 - EDUCATIONAL OPPORTUNITY FUND: ADMINISTRATIVE PROCEDURES AND POLICIES › Subchapter 1 - AUTHORITY, MISSION AND SCOPE › Section 9A:11-1.3 - EOF mission statement

Current through Register Vol. 56, No. 14, July 15, 2024
The New Jersey Educational Opportunity Fund contributes to the development of a college-educated public that reflects the diversity of New Jersey. In partnership with New Jersey colleges and universities, the Fund provides access to higher education and support for highly motivated students who exhibit the potential for success, but who come from families/communities disadvantaged by low income and the lack of access to the quality educational preparation necessary to attend college. Through its partnership with participating institutions of higher education, the Fund seeks to maximize educational opportunities for EOF students by providing direct program services designed to promote persistence through degree completion. Accordingly, EOF supports innovative educational initiatives, supplemental instruction, support services, academic and educational advisement, and leadership development activities to improve the student's chance of academic success. In concert with other sources of student financial assistance, the Fund also attempts to make college affordable for those students who find the costs of higher education an impediment to access and student persistence.