Bill Text: NJ A3689 | 2022-2023 | Regular Session | Amended
Bill Title: Requires institutions of higher education and government employers to provide certain students and employees with information about Public Service Loan Forgiveness program.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced - Dead) 2022-05-19 - Reported out of Asm. Comm. with Amendments, and Referred to Assembly State and Local Government Committee [A3689 Detail]
Download: New_Jersey-2022-A3689-Amended.html
Sponsored by:
Assemblyman WILLIAM F. MOEN, JR.
District 5 (Camden and Gloucester)
Assemblyman DANIEL R. BENSON
District 14 (Mercer and Middlesex)
SYNOPSIS
Requires institutions of higher education and government employers to provide certain students and employees with information about Public Service Loan Forgiveness program.
CURRENT VERSION OF TEXT
As reported by the Assembly Higher Education Committee on May 19, 2022, with amendments.
An Act concerning the provision of information about the Public Service Loan Forgiveness program by institutions of higher education and certain employers, and supplementing Title 18A of the New Jersey Statutes and Title 34 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. 1[A public or private] An1 institution of higher education 1[in the State]1 shall provide each student who has outstanding federal student loan debt with information about the Public Service Loan Forgiveness (PSLF) program.
a. The institution shall provide information about the PSLF program to qualifying students during the academic semester prior to the student's expected graduation and during the academic semester in which the student 1[applies] is scheduled1 to graduate from the institution.
b. Information about the PSLF program provided by the institution shall notify the student of potential eligibility for the PSLF program, include the Internet address for the PSLF program, and contain the requirements to be eligible for the PSLF program 1[, which include, but are not limited to, the following:
(1) employment with a qualifying employer;
(2) a work schedule of at least 30 hours per week with the qualifying employer or a schedule that meets the qualifying employer's definition of full-time work, whichever is greater;
(3) a balance of William D. Ford Federal Direct Loans offered by the U.S. Department of Education or consolidation of other federal student loans into a Direct Loan;
(4) repayment of a Direct Loan under an eligible payment plan, including an income-driven repayment plan; and
(5) payment of 120 on-time, full, monthly payments while employed by a qualified employer] pursuant to 20 U.S.C. s.1087e1.
c. The information about the PSLF program may be provided to qualifying students in writing electronically, by regular mail, or in person. The 1[Secretary of Higher Education] executive director of the Higher Education Student Assistance Authority1 shall prescribe a model format for the information required by this section.
2. An employer in the State who is designated as a qualifying government employer under the federal Public Service Loan Forgiveness (PSLF) program shall provide all employees with information about the PSLF program.
a. The employer shall provide employees with information about the PSLF program during the explanation of benefits conducted at the beginning of employment and at least once per calendar year.
b. Information about the PSLF program to be provided by government employers shall notify employees of potential eligibility for the PSLF program, include the Internet address for the PSLF program, and provide any information about the employer that is necessary to fill out the application for the PSLF program. The information shall additionally contain the requirements to be eligible for the PSLF program 1[, which include, but are not limited to, the following:
(1) employment with a qualifying employer;
(2) a work schedule of at least 30 hours per week with the qualifying employer or a schedule that meets the qualifying employer's definition of full-time work, whichever is greater;
(3) a balance of William D. Ford Federal Direct Loans offered by the U.S. Department of Education or consolidation of other federal student loans into a Direct Loan;
(4) repayment of a Direct Loan under an eligible payment plan, including an income-driven repayment plan; and
(5) payment of 120 on-time, full, monthly payments while employed by a qualified employer] pursuant to 20 U.S.C. s.1087e1.
c. The information about the PSLF program may be provided to employees in writing electronically, by regular mail, or in person. The Commissioner of Labor and Workforce Development shall prescribe a model format for the information required by this section.
3. Section 1 of this act shall take effect immediately, and shall be first applicable to the first full academic year following the date of enactment. Section 2 of this act shall take effect 90 days after the date of enactment. The 1[Secretary of Higher Education] executive director of the Higher Education Student Assistance Authority1 and Commissioner of Labor and Workforce Development may take such anticipatory action as shall be necessary for the implementation of this act.
