PolitickerNJ Wire Feed
(TRENTON) - Legislation Assembly Democrats Annette Quijano, Pamela Lampitt, Celeste Riley and Valerie Vainieri Huttle sponsored to require educational brochures on college loan repayment schedules to be created and distributed to high school students has been signed into law today.
"Many college-bound students and their families fail to realize how burdensome student loan debt can truly be until they receive their first repayment book after graduation, which often has monthly payments in the hundreds or even thousands of dollars," said Quijano (D-Union). "Educating students on the ins and outs of the borrowing process before they sign loan documents can help students graduate without being mired in debt."
"With a concerning trend of growing student debt loans, it is critical that students receive information on how to manage their student loans intelligently and effectively," said Lampitt (D-Camden/Burlington). "I am hopeful this new law will educate students on how they can protect themselves financially while seeking a top-notch education."
"With New Jersey families pinching every penny possible nowadays, having as much information as possible when making financial decisions is critical," said Riley (D-Cumberland/Gloucester/Salem), Chairwoman of the Assembly Higher Education Committee. "This document can provide parents and students with the ability to assess the real, long-term costs of a college education."
"While a college education is priceless in terms of opportunities and experiences, it is also extremely expensive in terms of financial resources. The cost of higher education has dramatically and disproportionately increased in recent years," said Vainieri-Huttle (D-Bergen). "Students and their families must be aware of the financial realities of college so they can make smart, informed decisions about what schools they choose to attend and how they finance their education."
The law would direct the state Higher Education Student Assistance Authority (HESAA) to create a document that will serve to educate high school students about college loan repayment schedules. The HESAA is now required to post the document on its website and distribute it annually to public and nonpublic high schools. School districts and nonpublic high schools would be required to disseminate the document to high school juniors and seniors annually.
The sponsors said the law was especially necessary and timely after an annual report issued in June 2011 by the U.S. Department of Education listed several New Jersey public colleges as among the most expensive in the nation.
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.
To read more, please visit the New Jersey General Assembly Democratic Office Web site.
Majority Press Office 609-847-3500
On his first visit to South Carolina as chairman of the Republican Governors Association, Gov. Chris Christie stayed in "moderate Charleston, in contrast to other potential GOP candidates who made early visits to conservatives elsewhere," according to an ABC News report.Read More >
Bergen County Executive's Race: Tedesco goes up on cable TV with introductory ad James Tedesco, Democratic candidate for Bergen County Executive, goes up on cable television Tuesday for the first time this season. (Pizarro/PolitickerNJ) http://www.politickernj.com/81501/bergen-county-executives-race-tedesco-goes-cable-tv-introductory-ad Stockton Poll: Belgard and MacArthur tied in CD3 In New Jersey’s key...
By JEFF BRINDLE It is critical that the Legislature soon enact a pending bill that would ensure the state’s Gubernatorial Public Financing Program is available in the event of a special election for governor. Not only is there no current legal... Read More >
"[Lyndon] Johnson understood that so far as a man was a political animal (and therefore not searching for some private truth which might be independent of politics) he was then, if deprived of his properties, close to being a dead man." - Norman Mailer- Miami and the Siege of Chicago
Press releases are submitted by PolitickerNJ users, not by staff. They do not represent the viewpoint of PolitickerNJ.com.