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NJ A609
Bill
Status
1/13/2026
Primary Sponsor
Gary Schaer
Click for details
AI Summary
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Cosigners on NJCLASS student loans would be permitted to make voluntary payments in any amount on loans in repayment status, in addition to payments made by the borrower.
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Cosigners with gross income of $80,000 or less may deduct 100% of their voluntary NJCLASS loan payments from state gross income tax; those earning more than $80,000 may deduct 50%.
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Borrowers with gross income of $80,000 or less may deduct 100% of interest paid on NJCLASS loans from state gross income tax; those earning more than $80,000 may deduct 50%.
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The Higher Education Student Assistance Authority and Division of Taxation must develop certification procedures and forms for cosigners to document payments and claim deductions.
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Tax provisions apply to taxable years beginning January 1 following enactment.
Legislative Description
Permits cosigners to student loans under New Jersey College Loans to Assist State Students (NJCLASS) Loan Program to make payments on loans; allows gross income tax deduction for certain payments under NJCLASS Loan Program.
Higher Education
Last Action
Introduced, Referred to Assembly Higher Education Committee
1/13/2026