Bill Text: NJ S1625 | 2024-2025 | Regular Session | Amended
Bill Title: Requires annual report on New Jersey College Loans to Assist State Students (NJCLASS) Loan Program to include information on borrower delinquency and administrative wage garnishments.
Spectrum: Bipartisan Bill
Status: (Introduced) 2024-03-04 - Reported from Senate Committee with Amendments, 2nd Reading [S1625 Detail]
Download: New_Jersey-2024-S1625-Amended.html
SENATE, No. 1625
STATE OF NEW JERSEY
221st LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION
Sponsored by:
Senator ANDREW ZWICKER
District 16 (Hunterdon, Mercer, Middlesex and Somerset)
SYNOPSIS
Requires annual report on New Jersey College Loans to Assist State Students (NJCLASS) Loan Program to include information on borrower delinquency and administrative wage garnishments.
CURRENT VERSION OF TEXT
As reported by the Senate Higher Education Committee on March 4, 2024, with amendments.
An Act concerning the NJCLASS Loan Program and amending P.L.2017, c.129.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.2017, c.129 (C.18A:71C-21.1) is amended to read as follows:
1. 1[a.]1 The authority shall annually submit to the Governor 1[and to] ,1 the President of the Senate1,1 and the Speaker of the General Assembly a report on the NJCLASS Loan Program. The report shall be submitted no later than August 1 of each year and shall include, but not be limited to, the following information: the principal amount of bonds issued to finance the NJCLASS Loan Program in the prior year and the interest rates offered on those bonds; the total principal amount of authority bonds that are outstanding, the interest rates on the bonds, and the retirement schedule for those bonds; the total number and principal amount of outstanding NJCLASS loans, and the total number and principal amount of NJCLASS loans contracted in the prior year; the total number of NJCLASS loans that 1[are in] reached 90 days of1 delinquency 1[for each income level]1 and the number that 1[entered] reached 90 days of1 delinquency in the prior year 1[for each income level]1 ; the number of administrative wage garnishment orders the authority initiated in the prior year against NJCLASS borrowers, the number of administrative wage garnishment orders issued, the number of delinquent loans that did not go into default as a result of collections through administrative wage garnishment, and the total and median amount received by the authority from those administrative wage garnishment orders; the total number of NJCLASS loans that are in default 1[for each income level]1 and the number that entered default in the prior year 1[for each income level]1, the total number of loan collection lawsuits that have been filed under the program 1[for each income level]1, and the number of loan collection lawsuits that were filed in the prior year 1[for each income level]1 and the status of those lawsuits; the number of requests filed in the prior year with the authority for the forgiveness of an NJCLASS loan due to the death or total and permanent disability of the borrower, the number of requests that were granted or denied, and the reasons for the denial of requests; the number of requests filed in the prior year with the authority for a loan deferment, the type of deferment requested by the borrower, the number of requests that were granted or denied, and the reasons for the denial of requests; and the number of forbearance requests filed in the prior year with the authority, the number of requests that were granted or denied, and the reasons for the denial of requests.
1[b. As used in this section, "income level" shall be defined, and periodically updated, by the executive director of the authority in a manner that is consistent with the quintile income levels established by the United States Census Bureau in its reports on income.]1
(cf: P.L.2017, c.129, s.1)
2. This act shall take effect immediately.
