New Jersey Statutes 18A:71C-66. Definitions relative to the STEM Loan Redemption Program
Terms Used In New Jersey Statutes 18A:71C-66
- Employment: includes employment in a position. See New Jersey Statutes 18A:1-1
- Higher education: means that education which is provided by any or all of the public institutions of higher education as herein defined and any or all equivalent private institutions. See New Jersey Statutes 18A:1-1
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
“Approved STEM degree program” means an undergraduate or advanced degree program, approved by the Higher Education Student Assistance Authority, for persons engaged in a designated high-growth STEM occupation pursuant to section 2 of this act.
“Authority” means the Higher Education Student Assistance Authority.
“Eligible qualifying loan expenses” means the cumulative outstanding balance of qualifying student loans, including interest paid or due, covering the cost of attendance at an institution of higher education for an undergraduate or advanced degree from an approved STEM degree program.
“Executive director” means the executive director of the Higher Education Student Assistance Authority.
“Program” means the STEM Loan Redemption Program established pursuant to section 2 of this act.
“Program participant” means a person who contracts with the authority to engage in a designated high-growth STEM occupation in exchange for the redemption of eligible qualifying loan expenses provided under the program.
“Qualifying student loan” means a State or federal loan for the actual costs paid for tuition and reasonable education and living expenses relating to obtaining a degree in an approved STEM degree program.
“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 employment obligation, as determined by the executive director or his designee.
L.2018, c.142, s.1.