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  • NJ A4972
  • Requires Higher Education Student Assistance Authority to establish repayment assistance program for borrowers under New Jersey College Loans to Assist State Students Loan Program who suffer material loss of income.
Introduced
(6/12/2017)
In Committee
(6/12/2017)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill directs the Higher Education Student Assistance Authority to establish a repayment assistance program under the New Jersey College Loans to Assist State Students (NJCLASS) Loan Program for borrowers who experience a material loss of income during the period of loan repayment. Under the program, a borrower's payment will be limited to 10 percent of disposable income over 150 percent of the federal poverty level. Under the bill, a borrower will be eligible to participate in the repayment assistance program for a period of two years. During that two-year period, the authority will pay the interest on the NJCLASS loan and the payments made by the borrower will be applied to the reduction of the principal balance of the loan. At the end of the borrower's participation in the repayment assistance program, the regular monthly repayment amount will be recalculated based on the remaining principal balance of the loan. The bill stipulates that a borrower under the NJCLASS Loan Program who has been adjudicated a bankrupt prior to or following the effective date of this act will be eligible to participate in the repayment assistance program.
Not specified
Introduced, Referred to Assembly Higher Education Committee  (on 6/12/2017)
 
 

Date Chamber Action Description
6/12/2017 A Introduced, Referred to Assembly Higher Education Committee
Date Motion Yea Nay Other
None specified