TRENTON – In an effort to safeguard New Jersey college students from the predatory pitfalls emerging from the growing national student loan scandal, the Senate Education Committee today approved a bill sponsored by Senate President Richard J. Codey (D-Essex) and Senator Raymond J. Lesniak (D-Union). Bill S2729 would establish tough new restrictions on the relationship between higher education and student lending institutions.
“To prey on students who are trying to build a better life for themselves is really just plain despicable,” said Sen. Codey. “The cost of an education is already quite considerable. We can’t let our students, some who are barely even adults, be intentionally misled into choosing a loan provider that could cost them thousands of dollars in extra interest.”