New Jersey § 18a:72f-6

§ 18a:72f-6.

Nonfederal direct loans obtained pursuant to section 5 of this act 1 and Federal Family Education Loans together with interest thereon secured after admission to the Minority Advancement

Program may be redeemed by 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.), upon execution of a contract between the participant and the Higher Education Student Assistance Authority . The maximum loan redemption for program participants shall amount to cancellation

of repayment for one-quarter of the eligible loan indebtedness in return for each

full academic year of service as a faculty member in a New Jersey college or university for total cancellation of loan indebtedness for up to, but not to exceed, a maximum

of $40,000.00 per student. In no event shall faculty service for less than the full academic year of each period

of service entitle the participant to any benefits under the loan redemption conditions

of the program. Prior to the annual redemption of loan indebtedness, participants in the program

shall submit proof of faculty service to the Higher Education Student Assistance Authority . 1

N.J.S.A. § 18A:72F-5.