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NJ A4592
Bill
Status
3/10/2026
Primary Sponsor
Carol Murphy
Click for details
AI Summary
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Amends N.J.S.18A:71C-23 to require the Higher Education Student Assistance Authority to consider the combined income of all cosigners when determining eligibility for NJCLASS loans
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Addresses situations where students with two cosigning parents are currently denied loans because neither parent individually meets the minimum income threshold, even when their combined income exceeds it
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Maintains existing verification requirements allowing the authority to use federal tax returns, pay stubs, bank statements, and applicant certifications to confirm financial information
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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
3/10/2026