Bill Text: NJ S1779 | 2024-2025 | Regular Session | Introduced

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Bill Title: Directs Higher Education Student Assistance Authority to grant deferment of New Jersey College Loans to Assist State Students (NJCLASS) student loan payments to new parent.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-09 - Introduced in the Senate, Referred to Senate Higher Education Committee [S1779 Detail]

Download: New_Jersey-2024-S1779-Introduced.html

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SENATE, No. 1779

STATE OF NEW JERSEY

221st LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION

 

 

Sponsored by:

Senator  ANGELA V. MCKNIGHT

District 31 (Hudson)

 

 

 

 

SYNOPSIS

     Directs Higher Education Student Assistance Authority to grant deferment of New Jersey College Loans to Assist State Students (NJCLASS) student loan payments to new parent.

 

CURRENT VERSION OF TEXT

     Introduced Pending Technical Review by Legislative Counsel.

  

An Act concerning the New Jersey College Loans to Assist State Students (NJCLASS) Loan Program and supplementing chapter 71C of Title 18A of the New Jersey Statutes. 

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    In the event that an eligible student borrower under the NJCLASS Loan Program becomes a parent, the authority shall 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 shall provide the authority with proof of the child's birth or adoption within 120 days of the birth or adoption.  The deferment shall begin on the date that the student borrower's proof of the child's birth or adoption is received by the authority and shall end 12 weeks after that date.  Interest on the loan shall not accrue during the period of deferment.

 

     2.    This act shall take effect immediately. 

 

 

STATEMENT

 

     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.