Bill Text: NJ A2927 | 2016-2017 | Regular Session | Introduced
Bill Title: Requires Higher Education Student Assistance Authority to send monthly loan statement to each student who has outstanding loan under New Jersey College Loans to Assist State Students loan program.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2016-02-16 - Introduced, Referred to Assembly Higher Education Committee [A2927 Detail]
Download: New_Jersey-2016-A2927-Introduced.html
Sponsored by:
Assemblyman LOUIS D. GREENWALD
District 6 (Burlington and Camden)
SYNOPSIS
Requires Higher Education Student Assistance Authority to send monthly loan statement to each student who has outstanding loan under New Jersey College Loans to Assist State Students loan program.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning certain student loan information provided to students and supplementing chapter 71C of Title 18A of the New Jersey Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. The Higher Education Student Assistance Authority shall send a monthly loan statement by regular mail to each student who has an outstanding loan under the New Jersey College Loans to Assist State Students (NJCLASS) loan program, established pursuant to N.J.S.18A:71C-21 et seq., including to each student who has not yet graduated from an institution of higher education and who has deferred making payments on the NJCLASS loan until after graduation.
2. This act shall take effect immediately.
STATEMENT
This bill requires the Higher Education Student Assistance Authority to send a monthly loan statement to each student who has an outstanding NJCLASS loan. Under the bill, the statement will be sent by regular mail to all NJCLASS loan recipients, including to each student who has not yet graduated from an institution of higher education and who has deferred making payments on the NJCLASS loan until after graduation.
Many students do not see their first loan statements until after graduating from college and, consequently, do not have a clear understanding of their debt obligation and upon graduation are often overwhelmed at the total amount of their loan indebtedness. Sending a monthly loan statement to each student with an NJCLASS loan, including students who are in full deferment until after graduation, will help raise student awareness on this critical issue and may help reduce student borrowing.
