18A:71C-23 Eligible borrower.
18A:71C-23. Loans under the NJCLASS Loan Program may be made to eligible borrowers. An eligible borrower is an eligible student or any parent or legal guardian providing financial support for a dependent eligible student. The authority shall set maximum loan amounts for each participant based on such factors as the cost of attending the particular institution, family income, value of family assets or other factors the authority may consider relevant. The loans may be secured by such endorsement, co-maker's collateral or other security as may be required by rules and regulations established by the authority. When considering an application, the authority shall use appropriate documents to verify the financial information provided by an eligible borrower or cosigner. The documents that the authority may use to verify the financial information may include, but need not be limited to, certification by the applicants, recent federal income tax returns, current pay stubs, and current bank statements.
amended 2017, c.198, s.1.
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