New Jersey § 18a:68-11
Full text of New Jersey New Jersey Statutes § 18a:68-11, with citation guidance and answers to common questions.
§ 18a:68-11.
An institution of higher education may make educational loans and may charge and collect
interest thereon at a rate not in excess of 1% per month on the first $10,000.00 of
the principal sum owing on all such loans for the payment of which a person is liable
to the institution in any capacity, and 3 / 4 of 1% on the excess over $10,000.00 owing on all such loans for the payment of which
a person is so liable to the institution of higher education. Interest shall be calculated according to the actuarial method, pursuant to which
payments made on the loan are applied first to accumulated interest on the principal
amount of the loan and the remainder applied to the unpaid principal balance of the
loan in reduction thereof. All payments shall be applied no later than the next day, other than a Sunday or
a public holiday, after the date of receipt, and a day shall be counted as one-three
hundred sixty-fifth of a year.
Frequently Asked Questions About New Jersey § 18a:68-11
What does New Jersey Statutes § 18a:68-11 cover?
Section 18a:68-11 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 18a:68-11?
A common citation format is "New Jersey Statutes § 18a:68-11" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 18a:68-11 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.