New Jersey § 18a:71c-21
Full text of New Jersey New Jersey Statutes § 18a:71c-21, with citation guidance and answers to common questions.
§ 18a:71c-21.
a. The authority shall develop a student loan comparison information document. The document shall provide information that allows a borrower to compare an NJCLASS
loan with loans available under federal student loan programs including the federal
PLUS loan program, and shall provide examples of loan repayment under each program. The information provided on the comparison document shall include, but need not
be limited to, the following: (1) loan type, including loan term, interest rate whether fixed or variable, and annual
percentage rate (APR); (2) repayment options, including the availability of income-contingent loan repayment
options, and clear information on when repayment would begin and how that may be different
from the federal student loan programs; (3) loan origination, administrative, and other fees over the life of the loan; (4) estimated cost of borrowing over the life of the loan and estimated monthly payment
amounts for each loan type at each of six sample loan disbursement amounts; (5) availability of loan deferments, loan forbearance, and loan forgiveness, the reasons
for which a deferment, a forbearance, or forgiveness may be requested, and the percentage
of the requests that are granted; (6) the average annual default rates under each loan program, the average annual number
of loan collection lawsuits filed under each program, and the availability of a loan
rehabilitation program; and (7) the average annual number of wage garnishment orders issued under each program. b. The comparison information document shall be posted in a prominent location on
the authority's website and shall be linked to the online application for an NJCLASS
loan. A copy of the document shall be included with a paper NJCLASS loan application. The comparison information document shall be distributed at any financial aid workshop
conducted by the authority for high school students or their parents and shall be
included in any NJCLASS Loan Program promotional materials distributed by the authority.
Frequently Asked Questions About New Jersey § 18a:71c-21
What does New Jersey Statutes § 18a:71c-21 cover?
Section 18a:71c-21 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:71c-21?
A common citation format is "New Jersey Statutes § 18a:71c-21" (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:71c-21 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.