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  • NJ A3847
  • Requires institutions of higher education and proprietary degree-granting institutions to improve transparency of tuition and fees.
Introduced
(6/2/2016)
In Committee
(2/27/2017)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill implements under section 1 the recommendations of the April 27, 2016 report of the State Comptroller entitled, Controls Over Collection, Allocation And Use Of Student Fees At Selected New Jersey Colleges and Universities. The report looked at the issue of mandatory student fees at three of the State colleges. This bill would apply the State Comptroller's recommendations to all public institutions of higher education and to proprietary institutions licensed to offer academic degrees. Under the bill, the governing board of a public institution of higher education or a proprietary institution licensed to offer academic degrees would be required to do the following: · Develop written policies and procedures that establish a system of internal controls over the development and management of mandatory student fees and ensure that these controls are applied consistently; · Assess each of the institution's mandatory student fees individually and document the criteria and justification for any adjustments made to the fees; · Establish separate funds in the institution's budget for each individual mandatory student fee to promote transparency of fee revenue and expenditures; · Implement accounting procedures that establish a process to accurately identify transactions related to mandatory student fee activity and the expenditures related to each of the mandatory student fees; and · Include in the institution's description of its mandatory student fees, all uses of the fee monies including salaries. This bill also requires public and independent institutions of higher education and proprietary institutions licensed to offer academic degrees to provide a financial aid "shopping sheet" to each prospective student as part of the institution's financial aid offer to that student. The bill directs the Secretary of Higher Education to prescribe a model format for the shopping sheet, which must be utilized by the institutions. The model shopping sheet prescribed by the secretary must include certain information concerning the costs and expected debt that the particular student can expect to incur in attending that institution. The shopping sheet also must include certain information concerning the institution's graduation rate, student retention rate, and student loan default rate. The United States Department of Education and the Consumer Financial Protection Bureau have developed a model shopping sheet format for post-secondary schools to use in conveying this information to prospective students. Under this bill, the Secretary of Higher Education, in creating the model shopping sheet, is directed to consider any sample or model formats for a financial aid shopping sheet developed by these federal agencies.
2nd Reading in the Assembly, Substituted by another Bill
Substituted by S2214  (on 6/8/2017)
 
 
Date Chamber Action Description
6/8/2017 A Substituted by S2214
2/27/2017 A Reported out of Assembly Committee, 2nd Reading
2/27/2017 Assembly Higher Education Hearing (19:00 2/27/2017 A-4640 {Jasey} {pending intro and referral} Requires members of )
6/2/2016 A Introduced, Referred to Assembly Higher Education Committee
Date Motion Yea Nay Other
Detail 2/27/2017 Assembly Higher Education Committee: Reported Favorably 5 0 4