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Read. Follow. Verify.New Jersey bill allows student loan cosigners to make voluntary payments and grants income tax deductions
Last action · January 13, 2026: Introduced, Referred to Assembly Higher Education CommitteeSponsors: Gary Schaer and 1 other
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What This Bill Would Do
New Jersey allows loan cosigners under the to make voluntary payments and provides s for those payments and for borrower loan interest, depending on income level.
Taxpayers who cosign or borrow under the NJCLASS program can reduce their state income tax liability based on whether their gross income is above or below $80,000.
Who It Would Affect
Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.
Cosigners of student loans under the New Jersey College Loans to Assist State Students Loan Program
Cosigners are permitted to make voluntary payments on student loans and become eligible for gross income tax deductions depending on their income level.
Borrowers of student loans under the New Jersey College Loans to Assist State Students Loan Program
Borrowers are eligible for gross income tax deductions on the interest they paid on their student loans during the taxable year based on their income level.
Key Facts
You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.
Frequently Asked Questions
Can anyone make voluntary payments on an NJCLASS loan under this bill?
How much of a tax deduction can a cosigner making voluntary payments receive if they earn $75,000 a year?
What else do you want to know?
News Coverage
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Votes, people, money & the original sourceWhere This Stands
Currently in committee. The next step in the legislative lifecycle is Floor Vote.
Procedural history
1 action- Jan 13, 2026HouseIntroducedIntroduced, Referred to Assembly Higher Education Committee
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Lobbying Activity
No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Sponsors
Connected Entities
Sources
njleg.state.nj.us
Analysis Score
0–100- Significance50How much this matters to a regular citizen
- Controversy10Intensity of disagreement among stakeholders
- Entertainment5Compellingness for a non-policy-wonk reader
- Buzz25Current news / social attention level
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