This bill amends the New Jersey College Loans to Assist State Students (NJCLASS) Loan Program by requiring the Higher Education Student Assistance Authority to consider the combined income of all cosigners when determining the eligibility of a prospective borrower. Currently, students often rely on cosigners, such as parents, to meet income requirements for loans. However, there are instances where a student may be ineligible for a loan because neither cosigner meets the minimum income requirement individually, despite their combined income being sufficient.

The new legal language inserted into the existing law specifies that when setting a minimum income requirement, the authority must take into account the total income of all cosigners on the application. This change aims to enhance access to the NJCLASS Loan Program for students who may otherwise be disqualified due to the individual income levels of their cosigners. The bill is set to take effect immediately upon enactment.