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
Universal Citation: NJ Admin Code 9A:10-5.3
Current through Register Vol. 56, No. 18, September 16, 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.
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