Requires Higher Education Student Assistance Authority to consider combined income of all cosigners on application for participation in New Jersey College Loans to Assist State Students (NJCLASS) Loan Program.

This bill requires the New Jersey Higher Education Student Assistance Authority to evaluate the combined income of all cosigners when determining eligibility for the NJCLASS student loan program. Currently, applicants with multiple cosigners might be denied if each individual cosigner falls below the minimum income threshold, even if their total household income qualifies. The legislation amends state law to ensure that the authority considers the total income of all cosigners together rather than assessing each cosigner separately. This change directly affects students and their families applying for NJCLASS loans, particularly those with multiple parents or guardians providing financial support. The bill takes effect immediately upon passage.