This bill amends the financial aid application requirements for high school students in New Jersey. It establishes that starting with the 2023-2024 grade 11 class, students, along with their parents or guardians, must complete and submit a financial aid application as a condition for receiving a high school diploma from public high schools or charter schools. The bill removes the previous stipulation that this requirement would only be in effect for two school years, thereby making it a permanent requirement. Students can be exempted from this requirement if a waiver form is submitted, which can be signed by a parent or guardian or, if the student is 18 or older, by the student themselves.

Additionally, the bill mandates that the Executive Director of the Higher Education Student Assistance Authority provide resources to assist students and parents in completing the financial aid application. It also requires annual notifications to be sent to students and their guardians regarding this requirement. Importantly, the bill clarifies that no adverse actions can be taken against students who receive an exemption from the financial aid application requirement, and it does not impose any obligation on school counselors or employees to assist with the application process. The Executive Director is also tasked with reporting on the number of students who complete the financial aid form and the number of waivers submitted within three years of the act's effective date.