Establishes maximum rate of interest for New Jersey College Loans to Assist State Student Loan Program; establishes protections for private student loan borrowers.

This bill caps the interest rate for New Jersey's state student loan program (NJCLASS) at 3% for all new loans disbursed after enactment, reducing current rates (5.69%-7.47%). It also establishes key protections for private student loan borrowers in New Jersey, including: prohibiting lenders from collecting against a borrower’s or cosigner’s estate (except for payment default), requiring lenders to release cosigners upon the borrower’s death, and mandating lenders to release borrowers and cosigners from obligations upon proof of total and permanent disability. Additionally, lenders cannot change loan terms during a borrower’s disability application or loan modification request, and must provide borrowers with the option to designate a representative for disability-related matters. These provisions directly affect New Jersey residents with NJCLASS loans or private student loans.