Bill Text: NJ S591 | 2016-2017 | Regular Session | Amended

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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 8-0)

Status: (Engrossed - Dead) 2017-12-14 - Transferred to Assembly Appropriations Committee [S591 Detail]

Download: New_Jersey-2016-S591-Amended.html

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[First Reprint]

SENATE, No. 591

STATE OF NEW JERSEY

217th LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2016 SESSION

 

 

Sponsored by:

Senator  SANDRA B. CUNNINGHAM

District 31 (Hudson)

Senator  RICHARD J. CODEY

District 27 (Essex and Morris)

 

Co-Sponsored by:

Senators Beach, Pou, Ruiz, Gordon and Weinberg

 

 

 

 

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 reported by the Senate Higher Education Committee on September 29, 2016, with amendments.

  

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 educational costs;

     (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 ¹and parents¹ will owe ¹as their expected family contribution¹ for one year of attendance at the institution, after taking into account any grants and scholarships;

     (4)   the total amount per year of student loans and work study funds that the student is eligible for ¹and is offered in the financial aid offer¹, broken down by federal Perkins loans, federal Direct Subsidized loans, federal Direct Unsubsidized loans, and federal, State, or institutional work study funds;

     (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)   the percentage of students from the institution who defaulted on their student loans; and

     (7)   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.

     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.