Bill Text: NJ S2187 | 2012-2013 | Regular Session | Amended
Bill Title: Requires institutions of higher education to provide to prospective students certain cost, loan, and debt information in financial aid shopping sheet.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Engrossed - Dead) 2013-06-27 - Received in the Assembly without Reference, 2nd Reading [S2187 Detail]
Download: New_Jersey-2012-S2187-Amended.html
SENATE, No. 2187
STATE OF NEW JERSEY
215th LEGISLATURE
INTRODUCED SEPTEMBER 20, 2012
Sponsored by:
Senator BARBARA BUONO
District 18 (Middlesex)
Senator SANDRA B. CUNNINGHAM
District 31 (Hudson)
Co-Sponsored by:
Senators Beach, Pou and Ruiz
SYNOPSIS
Requires institutions of higher education to provide to prospective students certain cost, loan, and debt information in financial aid shopping sheet.
CURRENT VERSION OF TEXT
As amended by the Senate on June 20, 2013.
An Act concerning certain college cost 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. A four-year public or independent institution of higher education shall provide a financial aid "shopping sheet" to each prospective student as part of the school's financial aid offer to that student. The purpose of the shopping sheet shall be to provide prospective students and their families with clear information on the costs, loan options, and estimated debt that the student will incur in attending the institution, and to allow students and families to easily evaluate and compare financial aid packages from different schools.
b. The Secretary of Higher Education shall prescribe a model format for the shopping sheet required by subsection a. of this section. Each four-year public or independent institution of higher education shall utilize the model format. The model shopping sheet prescribed by the secretary shall include, at a minimum, the following information:
(1) the total cost for one year of attendance at the institution, including tuition, student fees, room and board, books and materials, and transportation and other 1[personal expenses] educational costs1;
(2) the total amount per year of grants and scholarships awarded to that student, including any grants and scholarships from the institution, federal grants, State grants, or other scholarships;
(3) the total net amount the student will owe for one year of attendance at the institution, after taking into account any grants and scholarships;
(4) 1[a comparison of the total net amount the student will owe for one year of attendance at the institution to: the average cost per year at that institution; the average cost per year at four-year public institutions of higher education; and the average cost per year at four-year independent institutions of higher education;
(5)]1 the total amount per year of student loans and work study funds that the student is eligible for, broken down by federal 1[student] Perkins1 loans, federal 1Direct Subsidized loans, federal Direct Unsubsidized loans, and federal, State, or institutional1 work study funds 1[, and private student loans]1;
1[(6) the total estimated amount the student will owe in student loan debt after graduating from the institution, broken down by federal loan debt and private loan debt;
(7) the total estimated monthly payment the student will owe on his student loans after graduation, broken down by monthly payment owed for federal loans and monthly payment owed for private loans;
(8)] (5) the median borrowing in federal loans for undergraduate study at the institution and the average monthly payment over 10 years for this amount;
(6)1 the percentage of students from the institution who defaulted on their student loans 1[within the first three years of repayment]1;
1[(9)] and
(7)1 the percentage of students at the institution who graduate within six years, as compared to the average rate at other four-year public or independent institutions of higher education 1[; and
(10) the percentage of non-graduating students who re-enroll at the institution the following year, as compared to the average rate at other four-year public or independent institutions of higher education]1.
c. The Secretary of Higher Education, in developing the model format for the shopping sheet, shall consider any sample or model formats for a financial aid shopping sheet developed by the United States Department of Education or the Consumer Financial Protection Bureau.
2. This act shall take effect on the first day of the fourth month next following the date of enactment.
