PolitickerNJ Wire Feed

By Gina Wilder | January 14th, 2013 - 3:35pm
| More

Assembly Democrats News Release

Governor Signs Quijano, Lampitt, Riley & Vainieri Huttle Bill Requiring Distribution of Student Loan Payment Info

(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.

On the Net:
The Assembly Democratic Office Web site
NJ Assembly Dems on YouTube
NJ Assembly Dems on Vimeo
NJ Assembly Dems on Facebook
NJ Assembly Dems on Twitter
NJ Assembly Dems e-mail alerts

Contact Info: 

Majority Press Office 609-847-3500

The Back Room

Sweeney goes on offense

Days after Jersey City Mayor (and 2017 gubernatorial hopeful) Steve Fulop declared his support and fundraising devotion to South Jersey Congressional candidate Bill Hughes, Senate President Steve Sweeney (D-3) see-sawed onto Fulop's turf with his own "I can find pockets of love in every part of this state including JC" statement.

Read More >

Wake-Up Call

Morning Digest: April 18, 2014

Fulop endorses Smith in Bayonne mayoral raceBAYONNE - Jersey City Mayor Steve Fulop parachuted into the Bayonne mayoral race on Thursday night by endorsing incumbent Mayor Mark Smith."It is a pleasure to be with you here, Mark," said Fulop to a crowd of more than 125 supporters at a...

Op-Ed

Paterson can flourish with a second chance

By ASLON GOOW, SR. I have spent the past three decades raising a family, building a business, and working to improve our Paterson communities.  I am proud of those accomplishments.  In 2002, I spoke at an expungement... Read More >

Contributors

(4-16-14) New Jersey Vote By Mail Law - The voter turnout for New Jersey’s November gubernatorial election was the lowest since the days of prohibition, coming... more »
When it comes to profiling Christie, facts are for wussies (4/10/14) - As the national media stories on our Guv pile up, expect more blunders about the Garden State.... more »
This week I begin a series called Dispatches from Somewhere Else. Based on my on-going experiences as an everyman in New Jersey politics, these Dispatches review the hollowness of... more »
Watching Governor Chris Christie's shocking BridgeGate implosion, it's easy to forget the time when he truly seemed unstoppable.  Blessed with incredible political gifts and a Jersey bluster to match,... more »

Quote of the Day

Quote of the day

"This is my first Mark Smith event. There have been a lot of changes in Hudson County over the last year and a half, and the most important change that has happened is that there really is unity. For the first time, we really are working together. Despite political differences. Mark and I have worked very hard to repair that. I'm really happy to be here in support of him, because I recognize that when you work together, politics becomes secondary and you really have time to focus on government, which is the most important thing." - Jersey City Mayor Steven Fulop

- PolitickerNJ.com

Poll

Was Frank X. Graves of Paterson New Jersey's best mayor?:

Resources

Visit the PolitickerNJ.com/resources page for links to the best collection of information on New Jersey state government.

 

  • Polls
  • The best blogs
  • Columnists
  • State election results
  • Assembly election results
  • Local party websites
  • And more.

PolitickerNJ.com/resources