N.J. Admin. Code § 9A:10-6.1
The purpose of this subchapter is to provide guidance on the implementation of the New Jersey College Loans to Assist State Students (NJCLASS) Program, a State student loan program intended to supplement the Federal Direct Loan Program and make State sponsored student loans available to students who cannot obtain Federal Direct Loans, either because those loans are not available, because the student does not meet the program eligibility requirements as defined by the Federal government, because the student has additional financial need unmet by Federal Direct Loans, or because the NJCLASS program may offer more affordable interest rates and fees than Federal Direct Unsubsidized Loans. In the NJCLASS Program, the Authority issues bonds, notes, or another form of debt instrument, and with the proceeds of that issuance, funds student loans and either directly or through an agent serves as lender and servicer of the loans. As funding for the NJCLASS Program is not backed by a Federal guarantee, funding sources are safeguarded by requiring as key elements of borrower eligibility for this State program that the borrower either be creditworthy or not have adverse credit.
N.J. Admin. Code § 9A:10-6.1
See: 42 N.J.R. 1953(a), 43 N.J.R. 303(a).
Inserted "Direct" and ", or because the NJCLASS program offers more affordable interest rates and fees", and deleted "or" following "Federal government,".