New Jersey Statutes 18A:71B-20.2. Certain information solicited from financial aid applicant
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Terms Used In New Jersey Statutes 18A:71B-20.2
- 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
- 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
1. The Higher Education Student Assistance Authority shall solicit from a financial aid applicant, information on whether he received an early withdrawal from a qualified retirement plan under the Internal Revenue Code of 1986, such as an individual retirement account or a 401(k) plan, and the amount thereof. If an early withdrawal was received, the amount of the early withdrawal, less the amount of any federal income tax credit claimed by the applicant for a tax penalty assessed on the early withdrawal, shall be deducted from the adjusted gross income utilized by the authority to determine the applicant’s eligibility for, and the amount of, a State tuition aid grant. This exclusion shall only be permitted if the applicant provides documentation that the early withdrawal was taken due to an economic hardship, as determined by the authority.
L.2017, c.384, s.1.