updated 8/31/2009 6:25:46 PM ET 2009-08-31T22:25:46

A New Jersey social studies teacher has been charged with accepting cash from students looking to improve their grades.

Thirty-year-old Megan Laboy is accused of collecting more than $1,400 from Colts Neck High School students during the 2008-09 school year.

Police say the Howell resident told students she'd give them extra credit and the money was for charity. But they say she kept the money for herself.

She's charged with third-degree theft by deception. She was released on her own recognizance Monday.

She began working for the school district in 2001. But district officials say she's no longer employed.

She's refused to comment to The Associated Press.

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