The Current Landscape of Student Loan Debt Legislation
The following are summaries of proposed bills that NJ Realtors® is closely monitoring to see how they will impact student loan debt.
- S591/A3302 — Higher education institutions would have to provide prospective students certain cost, loan, and debt information in a financial aid shopping sheet as part of the school’s financial aid offer to that student. Sponsors: Cunningham/Codey/Vanieri Huttle/Diegnan/Mazzeo.
- S1635 — Higher education institutions would have to establish policies for implementing additional course-related fees. Sponsors: Turner/Cruz-Perez.
- S2510/A4176 — A court order would be needed for certain collection practices for some defaulted loans under New Jersey College Loans to Assist State Students. Sponsors: Cunningham/Kean/Ruiz/Mazzeo/Jasey/Vainieri Huttle/Sumter/Benson.
- S2573/A4084 — Directs Higher Education Student Assistance Authority to establish an income-driven option for NJCLASS loans. Sponsors: Cunningham/Singer/Gordon/Schaer/Jasey
- S2577 — Directs Higher Education Student Assistance Authority to deliver reports to the governor and legislature and develop student loan comparison information documents to increase transparency. Sponsors: Cunningham/Ruiz/Gordon.
- A847 — Establishes a loan redemption program for teachers employed in chronically failing schools; 10% each year. Sponsors: Quijano.
- A2484 — Establishes a loan redemption program for certain teachers through public school employment.
- S192/A2759 — Requires tuition bills of public institutions include details on student fees and opt-out provisions for entertainment fees. Sponsors: DeAngelo/Danielsen/Webber/Kyrillos.
- S990/A2925 — Bill requires the state board of education’s high school graduation requirements include tuition assistance program and student loan debt instructions, as well as requiring graduating students meet to discuss tuition assistance with a guidance counselor.
- S2484/A2874 — Allows gross income tax deduction for certain student loan interest. Sponsors: Mukherji/Jasey/Chiaravalloti/Danielsen/Bensen
- S2433/A2928 — Requires higher education institutions to send annual student debt letters, requires students in public institutions to complete course on student loan debt repayment. Sponsors: Greenwald/Diegnan/Danielsen/Lagana/Barclay/Addiego.
- S2214/A3847 — Requires higher education institutions to improve tuition and fee transparency. Sponsors: Lampitt/Mukherji/Turner/Cunningham.
- S2259/A4085 — Establishes “Succeed in New Jersey student loan reimbursement program for qualified residents. Sponsors: Schaer/Jasey/Cruz-Perez.
- A4117 — Permits county improvement authorities to establish student loan refinancing programs. Sponsors: Greenwald/Lampitt.
- SCR104/ACR114 — Encourages higher education institutions to offer degree programs that cost no more than $10,000 in tuition and fees. Sponsors: Singleton/Holley/Quijano/Mosquera/Cruz-Perez.
- AR135 — Urges federal administrator to enact H.R. 2874, preventing IRS from collecting taxes on the amount of student loan forgiven for deceased veterans. Sponsors: Tucker/Johnson/Holley/DeAngelo/Downey.