Student Debt Elimination in New Jersey

Bridget Mulroy

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Good news for New Jersey residents with student debt!(eyecreationphotography/iStock)

With the looming weight of student debt repayment coming back within the next month, the pressure has been on.

Today, New Jersey Governor Phil Murphy signed Assembly No. 1965 which is intended to protect students by holding schools and institutions accountable for the upcharge in tuition debt being accumulated by students.

press release from Phil Murphy’s office in Trenton states, “Higher education programs that are designed to prepare students for a specific occupation should offer both high-quality training and affordable costs based on the wages that program graduates are likely to earn,” says Governor Murphy. “By establishing performance quality standards for career-oriented education and training programs, we will guard students against unreasonable student loan debt that they simply cannot repay with the typical wages in the career for which they studied. This is an important step I am proud to take as my Administration continues our work of making higher education more affordable for everyone in our state.”

“This important legislation will protect students from incurring unsustainable debt in education and training programs designed for specific occupations,” says David J. Socolow, Executive Director of the Higher Education Student Assistance Authority (HESAA.) “In addition, it will safeguard New Jersey’s student assistance grants by eliminating funding for courses of study with tuition rates that are out of line with the wages that students would reasonably expect to earn after completing the program.”

“Higher education has long been a ladder to prosperity and success, and for many New Jersey students, paying for that education is one of the biggest financial investments they will make,” says Acting Attorney General Matthew J. Platkin. “The legislation signed into law today by Governor Murphy will help ensure students get a fair return on that investment by requiring institutions of higher education to deliver quality programs that will advance students' opportunities."

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