New Jersey Statutes Title 34. Labor and Workmen's Compensation 34 § 15C-10.3

(1) the amount outstanding on any credit, including unpaid charges, extended by or on behalf of a private career school that a student is obligated to repay, whether the amount has been reduced to a judgment or the school 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 a private career school or a private educational lender that is affiliated with a private career school.

“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.).

“Private career school” means a privately owned and privately operated postsecondary school, other than an institution of higher education or proprietary institution licensed to offer academic degrees, that furnishes or offers to furnish programs, whether or not requiring a payment of tuition or fee, for the purpose of training, retraining, or upgrading individuals for gainful employment as workers in recognized or emerging occupations.

“Student” means an individual enrolled at a private career school in New Jersey, or a New Jersey resident enrolled at a private career school located outside of this State.

“Teach-out agreement” means a written agreement between schools that provides for the equitable treatment of students and a reasonable opportunity for students to complete their program of study if a school, or a school 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 school that provides for the equitable treatment of students if a school, or a school location, ceases to operate before all students have completed their program of study, and may include, if required by the school's accrediting agency, a teach-out agreement between schools.