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

Universal Citation: NJ Admin Code 9A:10-9.5

Current through Register Vol. 56, No. 18, September 16, 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.

(c) In order for a participant to qualify for a redemption payment, the Program participant shall submit to the Authority certification, in the form approved by the Authority, of fulltime employment as an eligible behavioral healthcare provider at an approved site for the previous two years.

(d) No amount of loan redemption shall be provided for service performed for less than two full years.

Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.