| PREVIOUS SECTION | Go back to sections | Go back to the chapter | Go back to the N.J. Statutes homepage | NEXT SECTION |
New Jersey Statutes, Title: 18A, EDUCATION
Chapter 68: Right of colleges to give diplomas and confer degrees
Section: 18A:68-11.4: Interest; computation
An institution of higher education may make educational loans and may charge and collect interest thereon at a rate not in excess of 1\% per month on the first $10,000.00 of the principal sum owing on all such loans for the payment of which a person is liable to the institution in any capacity, and 3/4 of 1\% on the excess over $10,000.00 owing on all such loans for the payment of which a person is so liable to the institution of higher education. Interest shall be calculated according to the actuarial method, pursuant to which payments made on the loan are applied first to accumulated interest on the principal amount of the loan and the remainder applied to the unpaid principal balance of the loan in reduction thereof. All payments shall be applied no later than the next day, other than a Sunday or a public holiday, after the date of receipt, and a day shall be counted as one-three hundred sixty-fifth of a year.
L.1977, c. 123, s. 4, eff. June 6, 1977.
This section added to the Rutgers Database: 2012-09-26 13:37:48.
Older versions of 18a:68-11.4 (if available):
Court decisions that cite this statute:
CLICK HERE.