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Bill > S3090

NJ S3090

NJ S3090
Requires certain employers to provide certain employees with notifications concerning federal Public Service Loan Forgiveness program.

summary

Introduced
04/11/2024
In Committee
04/11/2024
Crossed Over
Passed
Dead
01/12/2026

Introduced Session

2024-2025 Regular Session

Bill Summary

This bill requires an employer in the State who is designated as a qualifying employer under the federal Public Service Loan Forgiveness Program (PSLF), established under the "College Cost Reduction and Access Act," to provide information concerning the PSLF program to employees during the explanation of benefits conducted at the beginning of employment. Under this bill, a qualifying employer will be required to notify an employee about potential eligibility for the PSLF program and of the requirements to qualify for the PSLF program, which include, but are not limited to, the following:· employment by a qualifying employer;· a work schedule of at least 30 hours per week for the qualifying employer or a schedule that meets the qualifying employer's definition of full-time work, whichever is greater; · a balance with the William D. Ford Federal Direct Loan (Direct Loan) Program offered by the U.S. Department of Education or consolidation of other federal student loans into a Direct Loan;· repayment of loans under an income-driven repayment plan; and· payment of 120 payments.

AI Summary

This bill requires employers in New Jersey who are designated as qualifying employers under the federal Public Service Loan Forgiveness (PSLF) program to notify their employees about the potential eligibility for and requirements of the PSLF program. The requirements include being employed by a qualifying employer, working at least 30 hours per week (or the employer's definition of full-time), having a balance with the William D. Ford Federal Direct Loan program or consolidated federal student loans, repaying loans under an income-driven repayment plan, and making 120 monthly payments.

Committee Categories

Education

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Higher Education Committee (on 04/11/2024)
(3 Companion Bills)

bill text

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bill summary

Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/S3090
BillText https://pub.njleg.gov/Bills/2024/S3500/3090_I1.HTM
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