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NJ A3111
Bill
Status
1/13/2026
Primary Sponsor
Lisa Swain
Click for details
AI Summary
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Requires the Higher Education Student Assistance Authority (HESAA) to suspend interest accrual on New Jersey College Loans to Assist State Students (NJCLASS) loans during approved deferment or forbearance periods
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Applies only to borrowers who applied for deferment or forbearance between March 9, 2020 and September 9, 2020 due to temporary total disability, unemployment, or financial hardship
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Changes current policy where interest continues to accrue during forbearance periods and most deferment periods, leaving borrowers responsible for accumulated interest
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Currently, the only exception to interest accrual during deferment is for approved periods of temporary total disability of the eligible student borrower
Legislative Description
Requires Higher Education Student Assistance Authority to suspend accrual of interest on certain New Jersey College Loans to Assist State Students Loan Program loans in deferment or forbearance.
Higher Education
Last Action
Introduced, Referred to Assembly Higher Education Committee
1/13/2026