NJ A2106

County improvement authorities may establish student loan refinancing programs for student borrowers who are county residents, or parent borrowers who are New Jersey residents or employed primarily in the state with a student who is a county resident

Authorities must offer at least two repayment plan options, including a percentage-of-discretionary income plan, with deferment or forbearance options where practicable

Loan balances must be cancelled upon certification of the borrower's death, total and permanent disability, or temporary disability, consistent with NJCLASS loan terms

Authorities cannot refinance loans if monthly payments would cause undue hardship based on the borrower's income and expenses, and refinanced loans are not dischargeable in bankruptcy

Borrowers must have access to live representatives who can access their loan information and have knowledge of the refinancing program