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Bill > A4111
NJ A4111
NJ A4111Directs Higher Education Student Assistance Authority to grant deferment of New Jersey College Loans to Assist State Students (NJCLASS) student loan payments to new parent.
summary
Introduced
04/04/2024
04/04/2024
In Committee
06/03/2024
06/03/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill provides that in the event that an eligible student borrower under the NJCLASS Loan Program becomes a parent, the Higher Education Student Assistance Authority will be required to grant a deferment of payment of loan principal and interest for a period of 12 weeks. To qualify for the loan deferment, the student borrower must provide the authority with proof of the child's birth or adoption within 120 days of the birth or adoption. The bill provides that the deferment will begin on the date that the student borrower's proof of the child's birth or adoption is received by the authority and will end 12 weeks after that date. Interest on the loan will not accrue during the period of deferment.
AI Summary
This bill provides that if an eligible student borrower under the New Jersey College Loans to Assist State Students (NJCLASS) Loan Program becomes a parent, the Higher Education Student Assistance Authority will be required to grant a 12-week deferment of payment of loan principal and interest, as long as the student borrower provides proof of the child's birth or adoption within 120 days. The deferment period will begin on the date the authority receives the proof and end 12 weeks later, with no interest accruing during the deferment.
Committee Categories
Budget and Finance, Education
Sponsors (6)
Reginald Atkins (D)*,
Linda Carter (D)*,
Tennille McCoy (D),
Annette Quijano (D),
Verlina Reynolds-Jackson (D),
Shanique Speight (D),
Last Action
Reported and Referred to Assembly Appropriations Committee (on 06/03/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A4111 |
| Analysis - Statement AHI 6/3/24 | https://pub.njleg.gov/Bills/2024/A4500/4111_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/A4500/4111_I1.HTM |
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