NJ Students Would Be Warned About College Loan Costs Under Proposed Legislation

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TRENTON – The state Assembly recently passed legislation that would require educational brochures on college loan repayment schedules to be created and distributed to high school students.

“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 Asw. Annette Quijano (D-Union), a sponsor of the bill. “Providing critical education before they sign loan documents can help students graduate without being mired in debt.”

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The measure (A-3578) 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 brochure would be distributed annually to high school juniors and seniors.

The sponsors said their legislation was especially necessary and timely after an annual report issued Friday by the U.S. Department of Education listed several New Jersey public colleges as among the most expensive in the nation. The New Jersey Institute of Technology and The College of New Jersey ranked fifth and eleventh most expensive public colleges in the nation, respectively, in terms of tuition and fees. Rowan University ranked fourth most expensive in terms of net price – a calculation that factors in the cost of room, board, books and how many students get scholarships, grants and financial aid.


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