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.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill would allow cosigners of student loans through the New Jersey College Loans to Assist State Students (NJCLASS) Loan Program to make payments on those loans and receive a gross income tax deduction for those payments. It also allows borrowers of NJCLASS loans to deduct student loan interest and a portion of their payments from their taxable income, depending on their income level. The bill aims to provide financial relief to cosigners and borrowers participating in the NJCLASS program.
Bill text
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Document of record
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Sponsors
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