New Jersey A609 allows cosigners of NJCLASS student loans to make payments and provides tax deductions for certain payments.
New Jersey A609 permits cosigners of student loans under the New Jersey College Loans to Assist State Students (NJCLASS) Loan Program to make voluntary payments on the loans. The Higher Education Student Assistance Authority is required to allow these payments, which are in addition to any payments made by the borrower. The bill also provides a gross income tax deduction for certain payments made by cosigners and borrowers.
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