Requires institutions of higher education and government employers to provide certain students and employees with information about Public Service Loan Forgiveness program.
Impact
The bill mandates that eligible institutions must inform students with outstanding federal student loan debt during their penultimate semester and upon application for graduation. This ensures that students are aware of the potential benefits available to them before they leave the higher education system. Similarly, it obligates qualifying government employers to educate their employees about the PSLF program through various methods, including electronic communication and written materials.
Summary
Senate Bill 929 requires public and private institutions of higher education in New Jersey, as well as government employers, to provide information regarding the Public Service Loan Forgiveness (PSLF) program. This initiative aims to increase awareness among students and employees who may qualify for forgiveness of their federal student loans after completing ten years of full-time work in the public service sector. The information on the PSLF program will be shared at specific educational milestones for students and during employment for eligible government employees.
Contention
While the bill's proponents advocate for enhanced awareness of loan forgiveness programs, critics might argue that it places additional administrative burdens on educational institutions and employers. Furthermore, the successful implementation may rely on the effective dissemination of information to ensure that those who qualify are reached. Employers may have varying capacities to fulfill these requirements, raising concerns about compliance and the facilitation of necessary resources to assist with the PSLF application process.
Same As
Requires institutions of higher education and government employers to provide certain students and employees with information about Public Service Loan Forgiveness program.
Carry Over
Requires institutions of higher education and government employers to provide certain students and employees with information about Public Service Loan Forgiveness program.
Carry Over
Requires institutions of higher education and government employers to provide certain students and employees with information about Public Service Loan Forgiveness program.
Relating to accountability of institutions of higher education, including educator preparation programs, and online institution resumes for public institutions of higher education.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.