New Jersey Statutes 18A:72F-9. Nullification of service obligation
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Terms Used In New Jersey Statutes 18A:72F-9
- Contract: A legal written agreement that becomes binding when signed.
- Higher education: means that education which is provided by any or all of the public institutions of higher education as herein defined and any or all equivalent private institutions. See New Jersey Statutes 18A:1-1
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
9. In case of a program participant’s death or total or permanent disability, the executive director of the Higher Education Student Assistance Authority shall nullify the service obligation of the student, thereby terminating the student’s obligation to repay the unpaid balance of the redeemable portion of the loan and the accrued interest thereon, or where continued enforcement of the contract may result in extreme hardship, the executive director of the authority may nullify or suspend the service obligation of the student.
L.1984,c.189,s.9; amended 1994, c.48, s.278; 1999, c.46, s.60.