A5381 —

A5381 1RSenate [FirstStatement Reprint]12/2/21 STATEMENT TO   ASSEMBLY, No.

5381 STATE  OFwith NEWSenate JERSEYFloor 219thAmendments LEGISLATURE(Proposed  by INTRODUCEDSenator FEBRUARYCUNNINGHAM) 23, 2021    ADOPTED: Sponsored by:

Assemblywoman DECEMBER MILA2, M.2021         These Senate amendments revise the bill’s effective date to provide that the bill will take effect immediately and first apply to financial aid award letters that will be sent in the 2022-2023 academic year.

JASEY District 27 (Essex and Morris) Assemblyman  WILLIAM F.

MOEN, JR.

District 5 (Camden and Gloucester) Assemblywoman  VALERIE VAINIERI HUTTLE District 37 (Bergen)   Co-Sponsored by:

Assemblywomen Timberlake, McKnight, Swain and Assemblyman Tully         SYNOPSIS      Requires financial aid award letter provided by institutions of higher education and certain proprietary schools be consistent with financial aid shopping sheet.

  CURRENT VERSION OF TEXT      As amended by the Senate on December 2, 2021.

   An Act concerning student financial aid and supplementing P.L.1994, c.48 (C.18A:3B-1 et al.).         Be It Enacted by the Senate and General Assembly of the State of New Jersey:

       1.    a.  In the event that a public or independent institution of higher education or a proprietary institution licensed to offer academic degrees provides a financial aid award letter to a student, the financial aid award letter shall:

     (1)  be presented in a manner, and in such language, that is substantially similar to that which is used in, and uses terms as defined in, the financial aid shopping sheet provided to students pursuant to section 2 of P.L.2019, c.201 (C.18A:3B-6b);

     (2)   clearly display the estimated net cost to attend the institution;

     (3)   clearly differentiate a student’s eligibility for loans from a student’s eligibility for other forms of financial aid, including grants and scholarships;

and              (4)   include a clear statement that the acceptance or decline of one or more loan offers shall not impact a student’s eligibility for any other grants or scholarships detailed in the student’s financial aid award letter.       b.    A student enrolled in a public or independent institution of higher education or a proprietary institution licensed to offer academic degrees shall be ineligible to receive any form of student assistance from the State, including grants, scholarships, and loans, in the event that the institution or school fails to meet the requirements established pursuant to subsection a.

of this section, as determined by the Secretary of Higher Education.         2.    This act shall take effect 1[on the 30th day after the date of enactment] immediately and shall first apply to financial aid award letters that will be sent in the 2022-2023 academic year1.