This bill amends the reporting requirements for the New Jersey College Loans to Assist State Students (NJCLASS) Loan Program by mandating that the annual report submitted by the Higher Education Student Assistance Authority (HESAA) includes detailed information on borrower delinquency and administrative wage garnishments. Specifically, the report must now encompass data on the total number of NJCLASS loans in delinquency and default, categorized by income level, as well as the number of administrative wage garnishment orders initiated and the financial outcomes of those actions. Additionally, the report will include statistics on loan collection lawsuits and requests for loan forgiveness, deferment, and forbearance, all broken down by income level.

Furthermore, the bill stipulates that the definition of "income level" will be established and periodically updated by the executive director of HESAA, aligning with the quintile income levels set by the United States Census Bureau. This enhancement aims to provide a clearer understanding of the NJCLASS loan program's impact across different income brackets, ensuring that the program effectively serves individuals from various economic backgrounds. The intent is to improve transparency and accountability in the administration of the NJCLASS Loan Program.

Statutes affected:
Introduced: 18A:71C-21.1