N.J. Admin. Code § 3A:13-5.12 - Award adjustments, refunds and collections
(a) If a refund is
due a student under the institution's refund policy and the student received a
grant from the Tuition Program , the institution shall multiply the
institutional refund by the following fraction to determine the amount to be
refunded to the Department: amount of Tuition Program award for the payment
period divided by the total amount of financial aid (minus Federal Work-Study
earnings and loans) awarded for the period.
(b) "Payment period" as used in (a) above
means the time between the first day of classes for an academic term and the
end of that term according to the institutional calendar.
(c) The formula in (a) above shall be applied
if a student reduces his or her academic course load to less than full-time
prior to the end of the institutional refund period. However, if the student
reduces his or her academic course load to less than full-time after the end of
the institutional refund period, a refund to the Tuition Program is not
required.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.