NJ S1270

County improvement authorities may establish student loan refinancing programs to help borrowers refinance existing student loans at lower interest rates

Eligible borrowers include student-borrowers who are county residents, or parent-borrowers who are New Jersey residents or work primarily in the state and have loans for students residing in the county

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 a borrower's death, total and permanent disability, or temporary disability, consistent with NJCLASS loan terms

Authorities cannot refinance loans when monthly payments would cause undue hardship for borrowers, and refinanced loans are not dischargeable in bankruptcy