ASSEMBLY HIGHER EDUCATION COMMITTEE

 

STATEMENT TO

 

ASSEMBLY, No. 1083

 

STATE OF NEW JERSEY

 

DATED:  JUNE 7, 2012

 

      The Assembly Higher Education Committee reports favorably Assembly Bill No. 1083.

      This bill requires the Higher Education Student Assistance Authority (HESAA) to develop a student loan repayment information document, post the document on its website, and annually distribute the document to school districts that include grades 9 through 12 and to nonpublic high schools. The document will include examples of monthly and annual loan payments required for various types of student loans, based on differing principal loan amounts and current interest rates, the time period it would take to fully repay those loans based on various monthly or annual payment installments, definitions of fixed rate loans, variable rate loans, and consolidation loans, and the consequences of defaulting on a student loan. The bill requires the school districts and nonpublic high schools to annually disseminate the document to each student in 11th and 12 grades.

      This bill was pre-filed for introduction in the 2012-2013 session pending technical review.  As reported, the bill includes the changes required by technical review, which has been performed.