New Jersey Statutes 18A:71C-31.1. Discharge of student loan in case of death of borrower
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Terms Used In New Jersey Statutes 18A:71C-31.1
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
1. a. In the event of the death of an eligible student borrower under the NJCLASS Loan Program, the authority shall fully discharge the obligation of the student borrower and a parent or guardian who cosigned the loan.
b. The executor or administrator of the student borrower’s estate shall provide written notification to the authority of the student borrower’s death and shall provide the authority with a certified copy of the death certificate within 120 days of the student borrower’s death.
L.2016, c.71, s.1.