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NJ A3654
Bill
Status
2/12/2024
Primary Sponsor
Carol Murphy
Click for details
AI Summary
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Amends the NJCLASS Loan Program to require the Higher Education Student Assistance Authority (HESAA) to consider the combined incomes of all cosigners when determining borrower eligibility
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Addresses situations where students with two parent cosigners are denied loans because neither parent individually meets the minimum income requirement, even though their combined income exceeds it
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Maintains existing eligibility verification requirements, including use of federal tax returns, pay stubs, bank statements, and applicant certifications
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Takes effect immediately upon enactment
Legislative Description
Requires Higher Education Student Assistance Authority to consider combined income of all cosigners on application for participation in New Jersey College Loans to Assist State Students (NJCLASS) Loan Program.
Higher Education
Last Action
Introduced, Referred to Assembly Higher Education Committee
2/12/2024