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
Universal Citation: NJ Admin Code 9A:10-4.11
Current through Register Vol. 56, No. 18, September 16, 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.
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