Rutgers Law

New Jersey Statutes, Title: 18A, EDUCATION

    Chapter 71c: Administration by the authority.

      Section: 18A:71c-37: Redemption limits; service.

          
18A:71C-37. a. Maximum redemption of loans under the loan redemption program shall amount to 18\% of principal and interest of eligible qualifying loan expenses in return for one full year of service at an approved site, an additional 26\% for a second full year of service, an additional 28\% for a third full year of service and an additional 28\% for a fourth full year of service for a total redemption of eligible qualifying loan expenses of up to, but not to exceed, $120,000, or the maximum amount authorized by the federal government, whichever is greater, either (1) in State funds or (2) the sum of federal, State, and other non-federal funds pursuant to section 338I of the Public Health Service Act (42 U.S.C.s.254q-1), whichever is applicable. No amount of eligible qualifying loan expenses shall be redeemed for services performed for less than a full year.

b. A participant who enters an agreement to fulfill service in a State designated underserved area that is also a HPSA shall be permitted a total redemption of eligible qualifying loan expenses for four years of service up to, but not to exceed, the sum of federal, State and other non-federal matching funds provided pursuant to section 338I of the Public Health Service Act (42 U.S.C.s.254q-1).

c. A program participant who enters an agreement to fulfill service in a State designated underserved area that is not also a HPSA shall be permitted a total redemption of eligible qualifying loan expenses for four years of service up to, but not to exceed, $120,000, or the maximum amount authorized by the federal government, whichever is greater, in State funds.

d. A program participant who has engaged in full-time clinical practice during the participant's initial two years of participation in the program shall be permitted to fulfill the program participant's subsequent service obligations on a part-time basis with the approval of the authority or its designee and the program participant's employer in a State designated underserved area, with the program participant's redemption credit accruing on a pro rata basis. The program participant may be permitted a total redemption of eligible qualifying loan expenses for the equivalent of four years of full-time service.

Amended 2009, c.145, s.6.



This section added to the Rutgers Database: 2012-09-26 13:37:48.

Older versions of 18a:71c-37 (if available):

Court decisions that cite this statute: CLICK HERE.