This bill mandates that the Higher Education Student Assistance Authority grant a 12-week deferment on NJCLASS student loan payments for eligible borrowers who become parents. To qualify for this deferment, borrowers must submit proof of their child's birth or adoption within 120 days of the event. The deferment period will commence upon the authority's receipt of this proof and will last for 12 weeks, during which time no interest will accrue on the loan.

The legislation aims to provide financial relief to new parents who are also student loan borrowers, allowing them to focus on their family responsibilities without the immediate burden of loan payments. The bill is set to take effect immediately upon enactment.