Federal loan evidenced by note; interest rate; method of payment; security.
N.J. Stat. § 18A:71C-4
in effect18A:71C-4. Federal Loan Evidenced by Note; Interest Rate; Method of Payment; Security. Each federal loan made under this article shall: a. be evidenced by a note or other obligation approved by the authority; b. bear interest at a rate not exceeding the maximum percentage per annum permitted under 20 U.S.C.s.1071 et seq. and implementing rules and regulations; c. be payable in such manner or in such installments as permitted under 20 U.S.C.s.1071 et seq. and implementing rules and regulations; and d. be secured only by the personal liability of the maker, and not by any endorsers, co-maker's collateral, or other security, except as may be permitted under 20 U.S.C.s.1071 et seq. and implementing rules and regulations. L.1999,c.46,s.1.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.njleg.state.nj.us/legislative-activity/statutesFetched: 10/17/2026