Bill > S1625

This bill requires the annual report on the New Jersey College Loans to Assist State Students (NJCLASS) Loan Program, which provides student loans, to include more detailed information about borrowers who are behind on their payments. Specifically, the report must now specify the number of NJCLASS loans that have reached 90 days of delinquency and the number that reached 90 days of delinquency in the previous year. It also mandates the inclusion of data on administrative wage garnishments, which is a legal process where a portion of a borrower's wages is directly sent to the loan authority to repay a debt, detailing the number of garnishment orders initiated, issued, and the amount collected through them, as well as how many delinquent loans were saved from default because of these garnishments. The bill also removes a previous requirement to break down delinquency and default data by income level.

Education

https://www.njleg.state.nj.us/bill-search/2024/S1625