I found the same thing when I was working with my Capstone Project here at NJIT. Our team was looking into the possibility of patenting our device, so we looked into the different rules surrounding that. We found much of what you found, in that NJIT basically owns the rights to whatever was formed during the time at NJIT. If it was done with “NJIT resources” then it belongs to NJIT (relates to the original point of sponsors owning the IP of a product). What I found interesting as well was the royalties that NJIT lays claim to should the product go to market. While it is a tiered system that increases the amount by amount of sales, overall the inventor will not be making very much from selling it. This is a reason why many inventors often wait until after they are done with college to work on an idea for fear that they will have to share ownership of the IP and sales of a product they want to create and market.