Trenton – In an effort to make college more affordable, the Senate advanced legislation sponsored by Senator Troy Singleton and Senator Vin Gopal which would remove expected family contribution from public colleges and universities’ calculation of financial need.
“Expected family contributions are not based on actual monies set aside, but rather a formula on what a family should be able to contribute based on their income and assets,” said Senator Singleton (D-Burlington). “There are countless reasons why numbers on a page may not translate to monetary support for college but that is certainly not a reason to withhold aid. This legislation will make college more affordable to residents around the state by ensuring they are getting the financial aid they deserve.”
The bill, S-1023, would remove expected family contribution from the calculation of financial need when a public institution of higher education calculates the reduction of a student’s institutional financial aid.
“Family relationships can be complicated and it is not fair to assume students will be receiving financial support for college,” said Senator Gopal (D-Monmouth). “This legislation will bring us in line with federal changes to financial aid calculations and ensure students are receiving the maximum possible aid to help reduce the need for burdensome student loans.”
Currently, institutions can reduce institutional aid if the total financial aid is found to exceed their financial need, often times calculating in expected family contributions.
The bill was released from the Senate by a vote of 36-0 and next heads to the Governor’s desk for final approval.