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

Paterson

Hanged Black Puppet at ALJ in Clark Greets Visiting Plainfield Team, Social Media Reports Claim

January 9, 2017

CLARK, NJ – The picture shows a black puppet, hanging by a string looped around its neck and hand, a basketball attached to one end.  This puppet is reportedly what greeted players from the Plainfield High School girls basketball team when they arrived at the Arthur L. Johnson High School for a Saturday morning game, according to posts on Plainfield community Facebook ...

Green Acres Preserves Tract Next to Great Falls Park, Saving it from Development

January 11, 2017

PATERSON, N.J. - The Green Acres Program has purchased an 8.5 acre tract of land adjacent to the Paterson Great Falls National Historical Park. The site, which was once proposed for a housing development, is on a ridge 100 feet above the Passaic River. The DEP has expressed desire for an expanded trail system, historic interpretation and other park amenities on this land. The property was ...

Hanged Black Puppet at ALJ in Clark Greets Visiting Plainfield Team, Social Media Reports Claim

January 9, 2017

CLARK, NJ – The picture shows a black puppet, hanging by a string looped around its neck and hand, a basketball attached to one end.  This puppet is reportedly what greeted players from the Plainfield High School girls basketball team when they arrived at the Arthur L. Johnson High School for a Saturday morning game, according to posts on Plainfield community Facebook ...

Green Acres Preserves Tract Next to Great Falls Park, Saving it from Development

January 11, 2017

PATERSON, N.J. - The Green Acres Program has purchased an 8.5 acre tract of land adjacent to the Paterson Great Falls National Historical Park. The site, which was once proposed for a housing development, is on a ridge 100 feet above the Passaic River. The DEP has expressed desire for an expanded trail system, historic interpretation and other park amenities on this land. The property was ...