HESAAHigher Education Student Assistance Authority
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"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."
The law codifies HESAA's process for settlements allowing borrowers to repay defaulted loans through more affordable monthly payments, and enabling HESAA to repair the credit ratings of borrowers who consistently comply with such payment plans.
"These bills demonstrate the desire and intent of HESAA's new leadership to implement meaningful reforms that restore the mission of the agency to help, not hinder, students in paying for their education.
According to HESAA (www.hesaa.org), "the division was created in 1950 to centralize all the functions related to the state's diverse funds under experienced and competent management.
As described on the HESAA website, "All common stocks for the NJBEST program are maintained in one managed equity account, with each fund owning a portion of that account based on its target equity ratio.
As defined on the HESAA website, money market investments mature in two years or less.