BILL TO FORGIVE STUDENT LOAN DEBT ON DEATH OF BORROWER PASSES NJ LEGISLATURE

On Thursday the New Jersey Senate approved a bill sponsored by Assembly Democrats Bruce Land and Bob Andrzejczak that would forgive certain student loan debts in the event of a borrower’s death or total permanent disability. The bill was approved by the Assembly last month, and directs the state Higher Education Student Assistance Authority to forgive certain student loans in the event of a student borrower’s death or total and permanent disability. The bill applies to loans issued under the New Jersey College Loans to Assist State Students, which helps cover college costs not already covered by other sources of grants, scholarships and loans.