Gov. Phil Murphy signed two bills into law Thursday intended to help graduates pay off student loans.
The first bill offers alternative payment options for those who borrowed through the New Jersey College Loans to Assist State Students program if they are experiencing financial hardship. The second bill allows NJ CLASS borrowers and co-signers to repay defaulted loans through installment plans.
“Addressing student loan debt
not only makes a crucial difference in individuals’ lives and careers,
it also helps boost New Jersey’s economy as a whole. By making more
affordable repayment options available through the new programs that
(the New Jersey Higher Education Student Assistance Authority) has
launched that are now codified into law, we will enable college
graduates to live and thrive here in the Garden State,” Murphy said.
Both
laws make permanent features already being offered with NJ CLASS loans
like the Repayment Assistance Program and Household Income Assistance
Repayment Plans.
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