Trenton – Legislation sponsored by Senator Shirley K. Turner requiring institutions of higher education as well as proprietary degree-granting institutions to improve transparency of tuition and fees was signed into law today.
“Given the rising cost of a degree and the mounting student debt crisis, it is crucial students understand the costs they will incur and the likelihood they will be able to repay their student loans,” said Senator Turner (D-Hunterdon/Mercer). “Providing students with a comprehensive breakdown prior to choosing where to attend school will allow them to make a more informed decision that takes into account their long term financial health.”
The law requires institutions of higher education and proprietary institutions licensed to offer academic degrees to provide a financial aid “shopping sheet” to each prospective student.
The sheet will include information concerning the costs and the amount of debt that the student can expect to incur in attending that institution. It will also include information concerning the institution’s graduation rate, student retention rate, and student loan default rate.
The governing board of public institutions of higher education and state colleges will be required to take additional steps to increase transparency regarding student fees.