Requires Higher Education Student Assistance Authority to issue vouchers in amount of monthly loan repayment amount for loan borrowers who have child enrolled in Grow NJ Kids-rated child care program.
Impact
The impact of A1824 on state laws involves the creation of a new program that links financial support for student loan borrowers to child care enrollment. Eligibility is restricted to individuals and households with specified income caps, aiming to provide assistance to lower- and middle-income families. This might enhance accessibility to quality child care options while also encouraging borrowers to manage their student loan repayment obligations effectively.
Summary
Assembly Bill A1824 establishes a Grow NJ Kids Student Loan Voucher Program within the Higher Education Student Assistance Authority. This program aims to support New Jersey residents who are borrowers of state or federal student loans and have children enrolled in a quality-rated child care program under the Grow NJ Kids initiative. The legislation mandates that eligible borrowers receive a monthly voucher equivalent to their loan repayment amount, which is designed to alleviate some financial burden associated with both student loans and child care costs.
Contention
Notable points of contention surrounding A1824 could stem from the income limits imposed on eligibility, which might exclude some student loan borrowers who face financial hardship yet exceed the threshold. Moreover, concerns may be raised regarding the sustainability of the program, particularly in terms of state funding for the vouchers. The bill also requires participating child care programs to publicize the voucher program and provide information, which could add to their administrative responsibilities and raise issues about compliance and outreach effectiveness.
Requires Higher Education Student Assistance Authority to issue vouchers in amount of monthly loan repayment amount for loan borrowers who have child enrolled in Grow NJ Kids-rated child care program.
Requires Higher Education Student Assistance Authority to issue vouchers in amount of monthly loan repayment amount for loan borrowers who have child enrolled in Grow NJ Kids-rated child care program.
Prohibits institution of higher education that provides child care from charging student-parent who receives child care voucher under "New Jersey Cares for Kids Program" an amount for child care in excess of voucher amount.
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.
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.
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.
Requires Higher Education Student Assistance Authority to permit certain students to submit monthly expense and resource statement for income verification; requires Higher Education Student Assistance Authority to impute in-kind support amounts.