Samantha Marcus | April 26, 2019 | NJ.com |
New Jersey isn’t going to erase student debt like presidential hopeful Elizabeth Warren wants. But you can get help if you find yourself in financial straits.
Gov. Phil Murphy signed into law a pair of bills Thursday to help student loan borrowers who have defaulted or may be on the verge of defaulting, saying more affordable repayment options will enable college graduates “to live and thrive here in the Garden State.”
One bill allows NJCLASS loan borrowers in the state to make income-based payments for 25 years, after which the balance is forgiven. Another assists borrowers who have already defaulted on their loans and taken a hit to their credit.
New Jersey has long been considered a high-tuition, high-aid state, meaning its colleges charge above-average tuitions but the state offers generous grants and financial aid packages to low- and middle-income students.
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