Kean Bill Requiring Colleges and Universities to Provide Student Loan Debt Repayment Information Clears Committee

Legislation sponsored by Senate Republican Leader Tom Kean that requires institutions of higher education to provide information on federal and state student loan repayment programs has been advanced by the Senate Higher Education Committee.

“Many people in New Jersey, as well as around the country, have struggled with student loan repayment and may be unaware of the options available to them,” said Kean (R-21). “Under my legislation, colleges and universities in New Jersey will be required to tell graduating students about the various state and federal repayment programs that are available. Our hardworking, soon-to-be graduates deserve to be properly informed so that their student loan debt does not become unmanageable in the future.”

The bill, S-1823, requires institutions of higher education to provide each graduating student—who has outstanding student loan debt—with information on federal and state income contingent student loan repayment programs. Under the legislation, the institution will provide the student with the information in either an in-person exit interview, or in a document sent to the student.

The legislation also requires that the institution provide the student with an estimate of the total amount of debt and an estimate of the total potential payoff amount.