TRENTON – Gov. Chris Christie signed legislation into law that legislators say will distill some of the complexities surrounding information on student loans for college, officials said.
The governor signed legislation that seeks to require a state authority to develop and distribute student loan data to high school students, according to the bill’s Senate sponsors.
The Higher Education Student Assistance Authority will annually publish online and distribute to public and nonpublic high schools information about various student loan options and examples of repayment schedules based on current interest rates.
“The price of college and complexity of student loans impose short- and long-term stresses on families,” said Sen. Tom Kean Jr., (R-21). “It is paramount that our schools educate students and families about the immediate and future costs of collegiate investments to help them choose the right school and career path.”
Kean’s comments were echoed by Sen. Robert Singer, (R-30).
“The average New Jersey student who graduates from a four-year public or private institution graduates with $23,792 in debt,” he said. “In many cases, it takes a village of support, including relatives and friends, for a student to afford such liability. The stranglehold loans can have on alumni struggling to leave their parents’ houses to start their professional lives can be physically and emotionally crippling.”