[Second Reprint]

ASSEMBLY, No. 2286

STATE OF NEW JERSEY

219th LEGISLATURE

INTRODUCED JANUARY 27, 2020

Sponsored by:

Assemblyman  WILLIAM F. MOEN

District 5 (Camden and Gloucester)

Assemblyman  RALPH R. CAPUTO

District 28 (Essex)

Assemblywoman  BRITNEE N. TIMBERLAKE

District 34 (Essex and Passaic)

Senator  SANDRA B. CUNNINGHAM

District 31 (Hudson)

Senator  THOMAS H. KEAN, JR.

District 21 (Morris, Somerset and Union)

Co-Sponsored by:

Assemblywomen Speight, McKnight, Vainieri Huttle, Jasey, Swain, Assemblymen Tully, Conaway, Houghtaling, Benson, Senators Codey, Pou and Ruiz

SYNOPSIS

     Requires institutions of higher education to provide graduating students with information on income-contingent student loan repayment programs.

CURRENT VERSION OF TEXT

     As amended by the General Assembly on May 20, 2021.

An Act concerning certain student loan information and supplementing chapter 3B of Title 18A of the New Jersey Statutes.

Be It Enacted by the Senate and General Assembly of the State of New Jersey:

1.   a.  During the academic semester in which a student is scheduled to graduate, an institution of higher education shall provide each student who has outstanding student loan debt with information on federal and State ¹of New Jersey¹ income-contingent student loan repayment programs.  The institution shall provide the student with the information in either:

     (1)   an in-person exit interview ¹, which may include a remote or virtual interview¹; or

     (2)   a document sent to the student both electronically and by regular mail.  ¹The Secretary of Higher Education shall prescribe a model format for the document required by this subsection.¹

     b.    In addition to information on federal and State income-contingent student loan repayment programs as required pursuant to subsection a. of this section, the institution, during the exit interview or in the document, shall provide each student with information on the following:

     (1)   an estimate of the total amount of the student’s loan debt;

     (2)   an estimate of the potential total payoff amount of the student loans incurred or a range of the total payoff amount; and

     (3)   an estimate of monthly repayment amounts that a similarly situated borrower may incur, including principal and interest, for that amount of student loan debt.

     The information provided pursuant to paragraphs (1), (2), and (3) of this subsection ¹shall only pertain to the debt, payoff amount, and monthly repayment amounts ²[incurred] certified² while the student attended the institution and¹ may include a statement that the estimates and ranges provided are general in nature and not meant as a guarantee or promise of the actual projected amount.

     An institution shall not incur liability for any representations made pursuant to this subsection.

     2.    This act shall take effect in the first full academic year following the date of enactment.