NJ A3848

Caps the interest rate on NJCLASS (New Jersey College Loans to Assist State Students) loans disbursed after the bill's effective date at a maximum of 3%, down from current rates ranging from 5.69% to 7.47%

Requires private student loan lenders to release cosigners from loan obligations upon the death of the borrower and prohibits collection attempts against borrowers' or cosigners' estates except for payment default

Prohibits lenders from changing loan terms, benefits, repayment schedules, or monthly payment amounts upon notification of a cosigner's death or bankruptcy when the loan is not more than 60 days delinquent

Mandates lenders release both borrowers and cosigners from private student loan obligations upon determination of the borrower's total and permanent disability, with no post-discharge monitoring of disability status

Prohibits lenders from placing student loans into default or accelerating loans while a borrower is seeking loan modification or flexible repayment plan enrollment, except for payment default occurring 90 days after initial default