Permits cosigners to student loans under New Jersey College Loans to Assist State Students (NJCLASS) Loan Program to make payments on loans; allows gross income tax deduction for certain payments under NJCLASS Loan Program.

This bill allows cosigners on New Jersey College Loans to Assist State Students (NJCLASS) loans to voluntarily make payments on those loans in addition to the borrower's payments. It also creates a new tax deduction for both cosigners and borrowers: taxpayers earning $80,000 or less can deduct 100% of eligible payments or interest, while those earning more can deduct 50%. The deduction applies to payments made under the NJCLASS program, which helps students and their cosigners manage loan costs. The bill updates existing tax treatment for NJCLASS borrowers and introduces this new benefit for cosigners.