N.J. Admin. Code § 9A:10-6.14

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

Section 9A:10-6.14 - Delinquency

(a) In keeping with the Authority's goals of default prevention in the NJCLASS Loan Program, the Authority may perform a series of default prevention activities beginning when an NJCLASS Loan Program loan is 10 days delinquent.

(b) Default prevention activities shall include, but not be limited to, letters, electronic communications, and telephone calls to the borrower and cosigner, if any, beginning after the first 10 days of delinquency. Thirty days before sending a letter of default (180 days delinquent, or 240 days delinquent depending on whether payments are due monthly or less frequently than monthly), the Authority shall attempt to telephone the borrower and cosigner and send the borrower and cosigner a final demand letter.

(c) Delinquency may also result in the loss of eligibility for other student aid, negative credit reports and administrative wage garnishment.

N.J. Admin. Code § 9A:10-6.14

Amended by 46 N.J.R. 2358(a), effective 12/1/2014

Amended by 56 N.J.R. 374(a), effective 3/4/2024