Trenton – In an effort to make colleges and universities more transparent, the Senate today passed legislation sponsored by Senators Shirley Tuner and Nellie Pou which would require institutions of higher education to provide a breakdown of their tuition and fees to both prospective and current students.
The bill, S-1877, would require both public and independent institutions of higher education, as well as proprietary institutions that offer academic degrees, to provide a financial aid ‘shopping sheet’ annually to each student enrolled in the institution.
“Under current law, only prospective students are required to receive tuition information and the estimated debt they will incur by attending a school,” said Senator Turner (D-Hunterdon/Mercer). “However, a student’s financial aid package can easily change during their time in college to include more loans, and tuition often increases every year. Student debt is out of control and going forward it’s important students are fully aware of the financial obligations they are undertaking.”
“It is important that we ensure our students are aware of their financial aid status throughout college, not just when they are entering college,” said Senator Pou (D-Bergen/Passaic). “A lot can happen over the course of four years and they should be aware of any changes that may be affecting them financially. Our hope is that college students will be more informed of their aid status and prepared to pay off their debt upon graduation.”
The bill was released from the Senate by a vote of 33-0.