N.J. Admin. Code § 9A:10-9.5

Current through Register Vol. 56, No. 24, December 18, 2024

Section 9A:10-9.5 - Terms for loan redemption

(a) An applicant who has been selected for participation in the Program shall enter into a written contract with the Authority. The contract shall specify that the participant's approved service obligation will be for two years and that applicants will be eligible for up to two additional two-year terms. The duration of the participant's approved employment service obligation, with extensions, shall not exceed six years.

(b) Loan redemption pursuant to the Program shall not exceed $ 50,000 of principal and interest of eligible student loan expenses in exchange for each two-year term of service satisfactorily completed by the Program participant.

1. At the time an applicant is accepted as a Program participant and has entered into a written contract with the Authority for a two-year term, the Authority will encumber up to $ 150,000 of Program funds, as necessary, to provide for the redemption of the participant's outstanding eligible student loan expenses. Total loan redemption for three two-year terms shall not exceed $ 150,000.

(c) In order for a participant to qualify for a redemption payment, the Program participant shall submit to the Authority certification, in the form approved by the Authority, of fulltime employment as an eligible behavioral healthcare provider at an approved site for the previous two years.

(d) No amount of loan redemption shall be provided for service performed for less than two full years.

N.J. Admin. Code § 9A:10-9.5

Adopted by 55 N.J.R. 1177(a), effective 6/5/2023