This bill amends the existing law regarding the annual report on the New Jersey College Loans to Assist State Students (NJCLASS) Loan Program, which is submitted by the Higher Education Student Assistance Authority (HESAA). The updated report will now include additional information on borrower delinquency and administrative wage garnishments. Specifically, it will detail the total number of NJCLASS loans that reached 90 days of delinquency, the number of administrative wage garnishment orders initiated by HESAA, and the financial outcomes of those garnishments, including the total and median amounts received.

The bill also modifies the recipients of the report by including the Speaker of the General Assembly alongside the Governor and the President of the Senate. This change aims to enhance transparency and provide a more comprehensive overview of the NJCLASS Loan Program's performance, particularly in relation to borrower repayment issues and the effectiveness of administrative actions taken to recover delinquent loans. The act is set to take effect immediately upon passage.

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