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.
Impact
The enactment of S2402 could significantly impact state laws governing the repayment of student loans in New Jersey. By suspending interest accrual, borrowers are provided a critical financial lifeline, specifically during times marked by economic strain, such as the recent pandemic. This legislative change advocates for a more supportive framework geared towards assisting vulnerable student loan borrowers, which is particularly pertinent given the increasing financial burdens faced by many due to rising tuition costs and living expenses.
Summary
Senate Bill S2402 introduces a significant amendment to the New Jersey College Loans to Assist State Students Loan Program (NJCLASS), specifically mandating the Higher Education Student Assistance Authority (HESAA) to suspend interest accrual on loans for borrowers who face temporary total disabilities, unemployment, or financial hardship. This requirement is applicable to those who apply for deferment or forbearance during a specified timeframe - from March 9, 2020 to September 9, 2020. The goal of the bill is to alleviate financial pressure on borrowers during difficult times, ensuring they don’t accumulate additional interest unwittingly when seeking to defer their loan payments due to unforeseen circumstances.
Contention
Despite the benefits proposed by S2402, the bill might face scrutiny from fiscal conservatives concerned about the implications of extending interest suspension. Critics may argue that waiving interest could lead to losses for state-funded loan programs and question the sustainability of such measures. Additionally, the defined timeframe for eligibility could also be a focal point of debate, prompting discussions around whether this assistance should extend beyond the allocated dates to encompass broader economic challenges.
Same As
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 suspend accrual of interest on certain New Jersey College Loans to Assist State Students Loan Program loans in deferment or forbearance.
Directs Higher Education Student Assistance Authority to grant deferment of New Jersey College Loans to Assist State Students (NJCLASS) student loan payments to new parent.
Directs Higher Education Student Assistance Authority to grant deferment of New Jersey College Loans to Assist State Students (NJCLASS) student loan payments to new parent.
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.
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.
Requires annual report on New Jersey College Loans to Assist State Students (NJCLASS) Loan Program to include information on borrower delinquency and administrative wage garnishments.
Establishes loan redemption program for teachers to redeem loan amounts received under the New Jersey College Loans to Assist State Students Loan Program through employment in public or nonpublic schools in New Jersey.
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.
Guardianships and conservatorships; notice requirements further provided for, procedures to remove proceeding to circuit court revised, duties of guardian ad litem of a minor further provided for and training required, court representative required to be appointed for allegedly incapacitated adults in certain circumstances, appointment of temporary or emergency guardian or conservator authorized in certain circumstances
Guardianships and conservatorships; notice requirements further provided for, procedures to remove proceeding to circuit court revised, duties of guardian ad litem of a minor further provided for and training required, court representative required to be appointed for allegedly incapacitated adults in certain circumstances, appointment of temporary or emergency guardian or conservator authorized in certain circumstances
Probate: guardians and conservators; appointment of a temporary guardian; modify procedure, and modify procedure for removing a conservator. Amends secs. 5414, 5415 & 5423 of 1998 PA 386 (MCL 700.5414 et seq.) & adds sec. 5312a. TIE BAR WITH: HB 4632'25, HB 4633'25, HB 4634'25
Allows complaint for guardianship of minor to be filed six months before minor reaches age 18 under certain circumstances; establishes certain standards for filing guardianship complaints.