6. As used in sections 6 through 12 of P.L.2021, c.27 (C.18A:3B-90 through C.18A:3B-96): "Closure" means the cessation of operations by an institution of higher education or a proprietary institution licensed to offer academic degrees. "Secretary" means the Secretary of Higher Education. "Disorderly closure" means a closure that does not meet the requirements of P.L.2021, c.27 (C.18A:3B-90 et al.). "Eligible transfer institution" means an institution of higher education or a proprietary institution licensed to offer academic degrees that has been approved by the secretary pursuant to section 10 of P.L.2021, c.27 (C.18A:3B-94). "Institutional debt" means:
(1)the amount outstanding on any credit, including unpaid charges, extended by or on behalf of an institution of higher education or a p
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6. As used in sections 6 through 12 of P.L.2021, c.27 (C.18A:3B-90 through C.18A:3B-96): "Closure" means the cessation of operations by an institution of higher education or a proprietary institution licensed to offer academic degrees. "Secretary" means the Secretary of Higher Education. "Disorderly closure" means a closure that does not meet the requirements of P.L.2021, c.27 (C.18A:3B-90 et al.). "Eligible transfer institution" means an institution of higher education or a proprietary institution licensed to offer academic degrees that has been approved by the secretary pursuant to section 10 of P.L.2021, c.27 (C.18A:3B-94). "Institutional debt" means: (1) the amount outstanding on any credit, including unpaid charges, extended by or on behalf of an institution of higher education or a proprietary institution licensed to offer academic degrees that a student is obligated to repay, whether the amount has been reduced to a judgment or the institution classifies it as a loan; or (2) a nonfederal loan or debt agreement that is issued expressly for postsecondary education expenses and that is guaranteed by an institution of higher education or a proprietary institution or a private educational lender that is affiliated with an institution of higher education or a proprietary institution. "Institutional financial aid agreement" means any contract, promissory note, part of an enrollment agreement, or other agreement in which a student agrees to pay an institutional debt. "Orderly closure" means a closure that meets the requirements of P.L.2021, c.27 (C.18A:3B-90 et al.). "Student" means an individual enrolled at an institution of higher education or a proprietary institution licensed to offer academic degrees in New Jersey, or a New Jersey resident enrolled at an institution of higher education or proprietary institution located outside of this State. "Teach-out agreement" means a written agreement between institutions that provides for the equitable treatment of students and a reasonable opportunity for students to complete their program of study if an institution, or an institutional location that provides 100 percent of at least one program offered, ceases to operate before all enrolled students have completed their program of study. "Teach-out plan" means a written plan developed by the institution that provides for the equitable treatment of students if an institution, or an institutional location, ceases to operate before all students have completed their program of study, and may include, if required by the institution's accrediting agency, a teach-out agreement between institutions. L.2021, c.27, s.6.