Part of Package of Bills to Address College Affordability, Student Loan Debt Crisis

Legislation sponsored by Senator Robert Singer (R-30) to help high school students to better understand how they can pay for college and minimize debt has passed the New Jersey Senate unanimously. The measure is part of a bipartisan package of bills that advanced today to improve college affordability in New Jersey and address the student loan debt crisis.

“Many students dive into college without knowing how long it will take or how much they’re going to owe when they graduate,” said Sen. Singer. “Six months after they get their diploma, they’re suddenly slammed with sky-high monthly loan payments that they can’t afford. We can stop this from happening by giving our high school students a better understanding of how student loans work, explaining the benefits of applying for grants and scholarships, and highlighting the importance of finishing a degree as quickly as possible. ”

Singer’s bill, S-762, directs high school guidance counselors to meet with students to discuss State and federal tuition assistance programs, which includes grants, scholarships, and student loans. This legislation also expands the financial literacy class curriculum to include discussion of the various college payment options available.

The typical New Jersey college student graduates with over $28,000 in student loans, which is higher than the national average. Costs for in-state students who attend New Jersey’s state colleges and universities are the fourth highest in the country. The price of New Jersey state loan debt is over $1.9 billion and climbing.

“Our college students are being crushed by billions of dollars of debt, and we need to do something about it,” added Singer “Learning the college student loan process and how to apply for scholarships and grants will be an invaluable lesson for college-bound students. This is common sense legislation that strikes at the core of New Jersey’s college affordability issue.”