What to Know
- New Jersey has enacted a pair of laws aimed at increasing transparency for student loan borrowers
- Measure requires colleges to provide a so-called shopping sheet to prospective students that includes costs, loan options, debt level info
- Other bill requires student loan-servicing companies to be licensed by state and cracks down on those who provide "flawed info" to borrowers
New Jersey has enacted a pair of laws aimed at increasing transparency for student loan borrowers.
Acting Gov. Sheila Oliver, a Democrat, signed the bills on Tuesday.
One measure requires colleges and universities to provide a so-called shopping sheet to prospective students. The sheet would provide information on costs, loan options, and estimated debt level.
The other bill requires student loan-servicing companies to be licensed by the state. It would also crack down on servicers who provide "flawed information" to student borrowers.
The measure also creates a student loan ombudsman within the Department of Banking and Insurance to help borrowers with complaints.
Democratic Gov. Phil Murphy is out of state on vacation.
Copyright AP - Associated Press
