SENATE HIGHER EDUCATION COMMITTEE

STATEMENT TO

SENATE, No. 1625

with committee amendments

STATE OF NEW JERSEY

DATED:  MARCH 4, 2024

      The Senate Higher Education Committee reports favorably Senate Bill No. 1625, with committee amendments.

      This amended bill requires additional information to be included in the annual report on the New Jersey College Loans to Assist State Students (NJCLASS) Loan Program.

      Current law requires the Higher Education Student Assistance Authority (HESAA) to annually submit to the Governor, the President of the Senate, and the Speaker of the General Assembly a report on the NJCLASS Loan Program.  This amended bill requires the report to include additional information on: the total number of NJCLASS loans that reached 90 days of delinquency and the number that reached 90 days of delinquency in the prior year; the number of delinquent loans that did not go into default as a result of collections through administrative wage garnishment; the number of administrative wage garnishment orders HESAA initiated in the prior year against NJCLASS borrowers; the number of administrative wage garnishment orders issued; and the total and median amount received by HESAA from administrative wage garnishment orders.

      This bill was pre-filed for introduction in the 2024-2025 session pending technical review.  As reported, the bill includes the changes required by technical review, which has been performed.

COMMITTEE AMENDMENTS:

The committee amended the bill to:

· remove the requirement that certain information reported by HESAA on the NJCLASS loan program be reported for each income level; 

· clarify “delinquency” to mean loans that reached 90 days of delinquency, for the bill’s purposes; and

· make minor technical corrections.