Wimberly Bill on Student Loan Info Becomes Law

January 22, 2013 at 5:16 PM



TRENTON, NJ - Legislation Assemblyman Benjie E. Winberly sponsored to require educational brochures on college loan repayment schedules to be created and distributed to high school students was signed into law on January 17today.

Sign Up for E-News

“Many high school students enter into college student loan agreements without any real knowledge of how the process of repayment works,” said Wimberly (D-Union).  “As part of ensuring that our students are prepared for college studies and college life, we can now open discuss the facts about post college responsibilities and student loan repayment.

“The prospect of college opens the high school student to new social and financial aspects they may have not had to think about before. This new law ensures our students will be given the important, additional information they need to plan their college years successfully.”

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.

TAP Into Another Town's News:

TAP Into Another Town's News:

Sign Up for E-News


Upcoming Events

Sat, October 22, 9:00 AM

College of Saint Elizabeth, Morristown

Open House and Fall Fest



Sun, October 23, 3:00 PM

River Dell High School Auditorium, Oradell

Adelphi Orchestra - Slavic Celebration: Young ...

Arts & Entertainment

Tue, November 15, 3:00 PM

Governor Paterson Towers I, Paterson

Free Diabetes Program in Spanish (El Programa de ...

Education Health & Wellness

Going Toe to Toe

There are a lot of body parts I’m not particularly happy with (you thighs know who you are), but the one part of me I’ve never been bothered by is my feet. Not to be conceited, but I’ve always thought I had pretty nice feet, as far as feet go. They are not too fat or too thin, my arches are not too high or too low, and my toes all line up nicely in descending order. I ...

Woodland Park Residents Will Vote to Reopen School 1, As Crowding At Memorial Becomes An Issue

October 18, 2016

LITTLE FALLS, NJ – On November 8, Woodland Park residents will have the opportunity to vote for the school district’s bond referendum to reopen School No. 1, located on McBride Avenue.

The school district is in favor of reopening School No. 1 to address overcrowding at Memorial Middle School. There are currently classes being taught in the cafeteria and the library due to the ...

Impact 100 Garden State Announces Seven Finalists; Welcomes Wendy Steele as Keynoter

October 18, 2016

When Impact 100 Garden State arrived in New Jersey in 2012, it offered women an innovative way to transform the act of charitable giving.  The effort was local, but the founders’ inspiration came from Wendy Steele who created the Impact 100 concept in Cincinnati 2001. Her idea was straightforward: first recruit 100 women who would donate $1,000 each, then pool the money to fund a local ...