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A4592 • 2026

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.

Education
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Murphy, Carol A.
Last action
2026-03-10
Official status
Introduced, Referred to Assembly Higher Education Committee
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

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.

What This Bill Does

  • 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.
  • Topic: Higher Education Fiscal note: This bill has not been certified by OLS for a fiscal note.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-03-10 New Jersey Legislature

    Introduced, Referred to Assembly Higher Education Committee

Official Summary Text

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.
Topic:
Higher Education
Fiscal note:
This bill has not been certified by OLS for a fiscal note.

Current Bill Text

Read the full stored bill text 
A4592

ASSEMBLY, No. 4592

STATE OF NEW JERSEY

222nd LEGISLATURE

�

INTRODUCED MARCH 10, 2026

Sponsored by:

Assemblywoman� CAROL A. MURPHY

District 7 (Burlington)

SYNOPSIS

���� 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.�

CURRENT VERSION OF TEXT

���� As introduced.

��

An Act
concerning the NJCLASS loan program and amending
N.J.S.18A:71C-23.

����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:

���� 1.��� N.J.S.18A:71C-23 is
amended to read as follows:

���� 18A:71C-23.� Loans under the
NJCLASS Loan Program may be made to eligible borrowers.� An eligible borrower
is an eligible student or any parent or legal guardian providing financial
support for a dependent eligible student.� The authority shall set maximum loan
amounts for each participant based on such factors as the cost of attending the
particular institution, family income, value of family assets or other factors
the authority may consider relevant.� The loans may be secured by such
endorsement, co-maker's collateral or other security as may be required by
rules and regulations established by the authority.� When considering an
application, the authority shall use appropriate documents to verify the
financial information provided by an eligible borrower or cosigner.� The
documents that the authority may use to verify the financial information may
include, but need not be limited to, certification by the applicants, recent
federal income tax returns, current pay stubs, and current bank statements.

����
When setting a minimum
income requirement to determine the eligibility of a prospective borrower, the
authority shall consider the combined incomes of all cosigners on an
application.

(cf: P.L.2017, c.198, s.1)

���� 2.��� This act shall take
effect immediately.�

STATEMENT

���� In order to be eligible for a
loan under the New Jersey College Loans to Assist State Students (NJCLASS) Loan
Program, an applicant must meet all the eligibility criteria, including the
income requirement, for a loan.� Most students, lacking sufficient income to
meet this requirement, have one or more cosigners on their application.� In
some cases, a student who has two parents cosign a loan is ineligible to
participate in the NJCLASS loan program because neither parent meets the minimum
income requirement, even though their combined income exceeds the requirement.�
This bill directs the Higher Education Student Assistance Authority, when
setting a minimum income requirement to determine the eligibility of a
prospective borrower, to consider the combined incomes of all cosigners on an
application for participation in the NJCLASS Loan Program.