SOUTH ORANGE, NJ - Students will now have clearer information about the cost of college under two new laws that New Jersey Acting Gov. Sheila Oliver recently signed into law.
One law will require higher education instititions to improve their transparency by giving students and their families infomration about the cost of financial aid for them and the families.
A second law will protect student borrowers from deceptive practices and will require all student loan servicing companies to be licensed by the New Jersey Department of Banking and Insurance.
"Students will be able to better understand the true cost of college so they can make wise choices and determine the appropriate amount to borrow. With strong standards and a new state watchdog, we will ensure they are treated fairly by the companies that service their loans," Oliver said in a news release about the new laws.
The second law also created a New Jersey Student Loan Ombudsman within the Department of Banking and Insurance who will help borrowers with complaints or unanswered questions about student loans.
This person will also monitor and review complaints about student loan servicers operating in New Jersey.