2023 New Jersey Revised Statutes
Title 18A - Education
Section 18A:71C-66 - Definitions relative to the STEM Loan Redemption Program.
18A:71C-66 Definitions relative to the STEM Loan Redemption Program.
1. As used in this act:
"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.
