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.