New Jersey § 18a:72f-5
Full text of New Jersey New Jersey Statutes § 18a:72f-5, with citation guidance and answers to common questions.
§ 18a:72f-5.
Eligible program participants who entered the program prior to the effective date of P.L.1999, c. 46 ( N.J.S. 18A:71A-1 et al.), and who seek loans to finance their education shall apply for loans under the Federal Family Education Loan Program. In the event that these participants have borrowed the maximum permitted under the terms of this program but would otherwise be eligible borrowers under this program , they may apply for nonfederal direct loans in amounts not exceeding $10,000.00 per student annually which loans
may be renewed for up to a maximum of four academic years for a total loan indebtedness
not exceeding $40,000.00 per student. However, the amount of a nonfederal direct loan shall not exceed, in combination with
other financial aid, the total educational costs of a participant attending a college
or university participating in this program. Nonfederal direct loans will be evidenced by promissory notes and may be secured pursuant to forms established by the Higher Education Student Assistance Authority . Nonfederal direct loans shall not bear interest or finance charges during the time a student is enrolled
as a full-time student in the program or is engaged in approved redemption service
pursuant to this act. Nonfederal direct loans shall become due and payable pursuant to section 8 of this act 1 six months after graduation if no redemption contract is in effect, or six months
after change to part-time student status, withdrawal from the program, or termination
from full-time employment either as a faculty member at a New Jersey college or university or other qualified employment. 1
N.J.S.A. § 18A:72F-8.
Frequently Asked Questions About New Jersey § 18a:72f-5
What does New Jersey Statutes § 18a:72f-5 cover?
Section 18a:72f-5 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:72f-5?
A common citation format is "New Jersey Statutes § 18a:72f-5" (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:72f-5 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.