Directs Higher Education Student Assistance Authority to defer NJCLASS student loan payments for 12 weeks for new parents.
This bill requires the Higher Education Student Assistance Authority to grant a deferment of New Jersey College Loans to Assist State Students (NJCLASS) loan payments for 12 weeks to eligible student borrowers who become parents. The deferment includes both principal and interest, and no interest will accrue during the deferment period. To qualify, the student borrower must provide proof of the child’s birth or adoption within 120 days of the birth or adoption. The deferment begins on the date the proof is received by the authority. The bill takes effect immediately.
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