New Jersey § 18a:3b-90

§ 18a:3b-90.

As used in sections 6 through 12 of P.L.2021, c. 27 ( C.18A:3B-90 through C.18A:3B-96 ): “ Closure ” means the cessation of operations by an institution of higher education or a proprietary

institution licensed to offer academic degrees. “ Secretary ” means the Secretary of Higher Education. “ Disorderly closure ” means a closure that does not meet the requirements of P.L.2021, c. 27 ( C.18A:3B-90 et al.). “ Eligible transfer institution ” means an institution of higher education or a proprietary institution licensed to

offer academic degrees that has been approved by the secretary pursuant to section

10 of P.L.2021, c. 27 ( C.18A:3B-94 ). “ Institutional debt ” means: (1) the amount outstanding on any credit, including unpaid charges, extended by or

on behalf of an institution of higher education or a proprietary institution licensed

to offer academic degrees that a student is obligated to repay, whether the amount

has been reduced to a judgment or the institution classifies it as a loan; or (2) a nonfederal loan or debt agreement that is issued expressly for postsecondary

education expenses and that is guaranteed by an institution of higher education or

a proprietary institution or a private educational lender that is affiliated with

an institution of higher education or a proprietary institution. “ Institutional financial aid agreement ” means any contract, promissory note, part of an enrollment agreement, or other agreement

in which a student agrees to pay an institutional debt. “ Orderly closure ” means a closure that meets the requirements of P.L.2021, c. 27 ( C.18A:3B-90 et al.). “ Student ” means an individual enrolled at an institution of higher education or a proprietary

institution licensed to offer academic degrees in New Jersey, or a New Jersey resident

enrolled at an institution of higher education or proprietary institution located

outside of this State. “ Teach-out agreement ” means a written agreement between institutions that provides for the equitable treatment

of students and a reasonable opportunity for students to complete their program of

study if an institution, or an institutional location that provides 100 percent of

at least one program offered, ceases to operate before all enrolled students have

completed their program of study. “ Teach-out plan ” means a written plan developed by the institution that provides for the equitable

treatment of students if an institution, or an institutional location, ceases to operate

before all students have completed their program of study, and may include, if required

by the institution's accrediting agency, a teach-out agreement between institutions.