ASSEMBLY, No. 5381
STATE OF NEW JERSEY
219th LEGISLATURE
INTRODUCED FEBRUARY 23, 2021
Sponsored by:
Assemblywoman MILA M. JASEY
District 27 (Essex and Morris)
Assemblyman WILLIAM F. MOEN, JR.
District 5 (Camden and Gloucester)
Assemblywoman VALERIE VAINIERI HUTTLE
District 37 (Bergen)
Co-Sponsored by:
Assemblywomen Timberlake, McKnight, Swain and Assemblyman Tully
SYNOPSIS
Requires financial aid award letter provided by institutions of higher education and certain proprietary schools be consistent with financial aid shopping sheet.
CURRENT VERSION OF TEXT
As amended by the Senate on December 2, 2021.
An Act concerning student financial aid and supplementing P.L.1994, c.48 (C.18A:3B-1 et al.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. In the event that a public or independent institution of higher education or a proprietary institution licensed to offer academic degrees provides a financial aid award letter to a student, the financial aid award letter shall:
(1) be presented in a manner, and in such language, that is substantially similar to that which is used in, and uses terms as defined in, the financial aid shopping sheet provided to students pursuant to section 2 of P.L.2019, c.201 (C.18A:3B-6b);
(2) clearly display the estimated net cost to attend the institution;
(3) clearly differentiate a student’s eligibility for loans from a student’s eligibility for other forms of financial aid, including grants and scholarships; and
(4) include a clear statement that the acceptance or decline of one or more loan offers shall not impact a student’s eligibility for any other grants or scholarships detailed in the student’s financial aid award letter.
b. A student enrolled in a public or independent institution of higher education or a proprietary institution licensed to offer academic degrees shall be ineligible to receive any form of student assistance from the State, including grants, scholarships, and loans, in the event that the institution or school fails to meet the requirements established pursuant to subsection a. of this section, as determined by the Secretary of Higher Education.
2. This act shall take effect 1[on the 30th day after the date of enactment] immediately and shall first apply to financial aid award letters that will be sent in the 2022-2023 academic year1.