In addition to such other powers and authority which institutions of higher education may have, such institutions may make educational loans upon the terms and conditions prescribed by this act, provided that only institutional funds derived from endowment, corporate or foundation accounts are used to make such loans. Funds borrowed from sources outside of the institution or received from governmental sources shall not be used for such loans.
N.J. Stat. Ann. § 18A:68-11.3
Educational loans from institutional funds; authorization
Known as the Institution of Higher Education Educational Loan Act
The act spans §§ 18A:68-1 to 18A:68-9 (26 sections).
L.1977, c. 123, s. 3, eff
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.