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NJ S559
Bill
Status
Introduced
1/13/2026
Primary Sponsor
James Beach
Click for details
AI Summary
- County improvement authorities in New Jersey would be authorized to establish student loan refinancing programs for residents of their county or beneficiary counties.
- Parent borrowers who are New Jersey residents or primarily employed in the state may refinance loans taken for students who are county residents.
- Authorities must offer at least two repayment plan types, including a percentage-of-discretionary-income option, with deferment or forbearance provisions where practicable.
- Loan cancellation provisions must apply upon borrower death or total/permanent disability, consistent with NJCLASS loan terms under P.L.2016, c.71.
- Authorities cannot refinance loans if payments would cause undue hardship based on the borrower's income and expenses, and refinanced loans would not be dischargeable in bankruptcy.
Legislative Description
Permits county improvement authorities to establish student loan refinancing loan programs.
Higher Education
Last Action
Introduced in the Senate, Referred to Senate Higher Education Committee
1/13/2026
Committee Referrals
Higher Eduction1/13/2026
Full Bill Text
No bill text available