New Jersey Administrative Code
Section 9A:16-2.6 - Termination by participant prior to completion of contractual service requirements

Universal Citation: NJ Admin Code 9A:16-2.6

Current through Register Vol. 55, No. 48, December 18, 2023

(a) A participant desiring to terminate program participation prior to the completion of the requirements of his or her loan redemption contract must notify the Executive Director, in writing, three months prior to his or her intended date of termination.

(b) A participant seeking to terminate the contract before completing a second full year of service shall be required to pay 50 percent of the redeemed portion of indebtedness in not more than one year following termination of the agreement.

(c) A program participant who fails to repay an amount due to the Authority under the program may be subject to actions initiated by the Authority or its designee, which may include, but are not limited to, recovery of the amount due by an action brought in a court of competent jurisdiction or through the offset of State tax refunds or rebates, making this information available to credit reporting agencies, and exclusion from eligibility for any student assistance benefits administered by the Authority, as well as action by the Federal government, to the extent that loan redemption benefits are Federally funded, to recover any amount due it as permitted under Federal law. In any action brought by the Authority or its designee in a court of competent jurisdiction pursuant to this subsection, the program participant shall be liable for; the debt incurred, interest on the debt at the maximum legal prevailing rate as determined by the United States Treasurer, and the administrative and court costs associated with collection of the debt.

(d) A program participant's failure to complete the procedures required at N.J.A.C. 9A:16-2.4 to receive the loan redemption within 60 days of written request for the required documents by the Authority will be deemed to have terminated program participation.

Amended by R.1997 d.530, effective 12/15/1997.
See: 29 N.J.R. 4228(a), 29 N.J.R. 5295(a).
Amended by R.2000 d.91, effective 3/6/2000.
See: 31 N.J.R. 3906(a), 32 N.J.R. 803(b).
Rewrote the section.
Amended by R.2011 d.042, effective 2/7/2011.
See: 42 N.J.R. 1957(a), 43 N.J.R. 305(a).
Added (c).

Amended by 55 N.J.R. 299(c), effective 2/21/2023

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.