New Jersey Statutes 18A:71C-55. Application to authority for loan redemption
Terms Used In New Jersey Statutes 18A:71C-55
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- 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
b. A program participant shall enter into a written contract with the authority to participate in the program. The contract shall specify the duration of the applicant’s required service and the total amount of eligible student loan expenses to be redeemed by the authority in return for service.
c. A participant who has entered into a redemption contract with the authority may nullify that contract by submitting written notification to the authority and assuming full responsibility for repayment of the full amount of the loan or that portion of the loan that has not been redeemed by the State in return for partial fulfillment of the contract.
d. In the case of a participant’s death or total or permanent disability, the authority shall nullify the service obligation of the participant; or where continued enforcement of the contract may result in extreme hardship, the authority may nullify or suspend the participant’s service obligation.
L.2009, c.236, s.6.