This bill amends the existing law regarding the annual reporting requirements for the New Jersey College Loans to Assist State Students (NJCLASS) Loan Program. It mandates that the Higher Education Student Assistance Authority (HESAA) include additional information in its annual report, which is due by August 1 each year. The new requirements specify that the report must detail the total number of NJCLASS loans in delinquency and default, broken down by income level, as well as the number of administrative wage garnishment orders initiated and issued against borrowers. Furthermore, it requires data on the effectiveness of these garnishments in preventing loans from going into default, as well as statistics on loan collection lawsuits and requests for loan forgiveness, deferment, and forbearance.

Additionally, the bill stipulates that the definition of "income level" used in the report must be aligned with the quintile income levels established by the United States Census Bureau, ensuring that the data is periodically updated to reflect current economic conditions. This change aims to provide a clearer understanding of how the NJCLASS loan program impacts borrowers across different income brackets, thereby allowing HESAA and the Legislature to assess the program's effectiveness in serving all segments of the population.

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