TRENTON, N.J. (CBS/AP) — New Jersey Gov. Phil Murphy has signed into law two bills aimed at helping student loan borrowers facing financial hardships. The Democrat signed the bills Thursday at his Trenton office.
“By making more affordable repayment options available through the new programs that HESAA has launched that are now codified into law, we will enable college graduates to live and thrive here in the Garden State,” Murphy said in a statement.READ MORE: Temple University Students Gather To Honor Students Killed, Call For Safety Changes
One measure permits borrowers in financial straits to pay 10% of their monthly household income for two years. Beyond two years, if needed, borrowers could pay 15% of household income for 25 years.After Firing Coach, Flyers Drop 9th Straight, 7-5 to Avalanche
The other measure offers borrowers in default a chance to reach a settlement agreement and rehabilitate their credit.
The bills stemmed from a student loan overhaul sparked by a 2016 New York Times article showing co-signers were still liable for debt even after borrowers died.
Former Republican Gov. Chris Christie signed legislation allowing loan forgiveness in the case of a borrower’s death.MORE NEWS: Joel Embiid Scores 43, 76ers Hold Off Pesky Hornets In OT
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