ASSEMBLY HIGHER EDUCATION COMMITTEE

STATEMENT TO

ASSEMBLY, No. 4111

STATE OF NEW JERSEY

DATED:  JUNE 3, 2024

      The Assembly Higher Education Committee reports favorably Assembly Bill No. 4111.

      This bill provides that in the event that an eligible student borrower under the New Jersey College Loans to Assist State Students (NJCLASS) Loan Program becomes a parent, the Higher Education Student Assistance Authority will be required to grant a deferment of payment of loan principal and interest for a period of 12 weeks.  To qualify for the loan deferment, the student borrower is required to provide the authority with proof of the child’s birth or adoption within 120 days of the birth or adoption.  The bill provides that the deferment will begin on the date that the student borrower's proof of the child’s birth or adoption is received by the authority and will end 12 weeks after that date.  Interest on the loan will not accrue during the period of deferment.