N.J. Admin. Code § 9A:10-2.14

Current through Register Vol. 56, No. 24, December 18, 2024

Section 9A:10-2.14 - Reversion of participant's encumbered funds

(a) In the event that any or all loan redemption funds encumbered for a program participant are not redeemed due to the termination of the participant's employment service obligation by the Authority or cancellation of the redemption contract by the participant, such funds will revert to the program fund and be available to enroll other eligible applicants.

(b) All unexpended program funds will carry over to the next fiscal year.

(c) The Higher Education Student Assistance Authority shall maintain the program fund containing State appropriations and carry-overs from the prior fiscal year.

N.J. Admin. Code § 9A:10-2.14