NJ A2330

County improvement authorities in New Jersey would be authorized to establish student loan refinancing programs offering lower interest rates to eligible borrowers

Eligible borrowers include student-borrowers who are county residents, parent-borrowers who are New Jersey residents, or parent-borrowers employed in the state whose student 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 cancellation provisions must be included for death, total and permanent disability, or temporary disability of the student borrower, consistent with NJCLASS loan terms

Authorities cannot refinance loans if payments would cause undue hardship for the borrower, and refinanced loans would not be dischargeable in bankruptcy