Student Loan Debt

Students at graduation

The Current Landscape of Student Loan Debt Legislation

The following are summaries of proposed bills that NJ Realtors® is closely monitoring to see how they will impact student loan debt.

State Legislation

Full descriptions of each bill can be looked up by clicking here.

  1. A1612 — Establishes loan redemption program for certain teachers through public school employment. Sponsor: Lampitt
  2. A243 — Requires tuition bills of public institutions include details on student fees and opt-out provisions for entertainment fees. Sponsors: DeAngelo/Danielsen/Webber.
  3. A1282/S792 — Bill requires the state board of education’s high school graduation requirements include tuition assistance program and student loan debt instructions, as well as requiring graduating students meet to discuss tuition assistance with a guidance counselor. Sponsors: Greenwald/McKnight/Lampitt/Cunningham/Sweeney/Singer
  4. A2163/S106 — Allows gross income tax deduction for certain student loan interest. Sponsors: Mukherji/Jasey/Chiaravalloti/Danielsen/Benson/Gill
  5. A2496/S2426 — Requires higher education institutions to send annual student debt letters, requires students in public institutions to complete course on student loan debt repayment. Sponsors: Greenwald/Chaparro/Moen/Lagana
  6. A2287 — Permits county improvement authorities to establish student loan refinancing programs. Sponsors: Moen/Greenwald/Caputo
  7. A803/S1244 – Exempts discharge of student loan debt of certain veterans through the federal Total and Permanent Disability discharge process from taxation under the gross income tax. Sponsors: Verrelli/Wimberly/Dancer/Gopal/Kean
  8. AR89 – Urges Congress to pass H.R. 770 allowing for discharge of student loan debt in bankruptcy. Sponsor: Mosquera
  9. A1249/S1811 – Establishes “Succeed in New Jersey” student loan reimbursement program for certain New Jersey students employed in designated fields. Sponsors: Schaer/Mukherji/Moen/Cruz-Perez
  10. A1623/S1868 – Establishes gross income tax credit and corporation business tax credit for student loan payments. Sponsors: Lampitt/Benson/Lagana
  11. A1681 – Establishes Student Loan Lottery with winnings applying only to outstanding student loans. Sponsor: Burzichelli
  12. A1746 – Directs Higher Education Student Assistance Authority to grant deferment of New Jersey College Loans to Assist State Students (NJCLASS) student loan payments to new parent. Sponsors: McKnight/Reynolds-Jackson 
  13. A2286/S1823 – Requires institutions of higher education to provide graduating students with information on income-contingent student loan repayment programs. Sponsors: Moen/Caputo/Timberlake/Cunningham
  14. A5316 – Makes Fiscal Year 2021 supplemental appropriation of $700,000 to Social Services Student Loan Redemption Program. Sponsor: Downey