New Jersey enacts 2 student loan transparency laws
SOUTH ORANGE, N.J. - New Jersey has enacted a pair of laws aimed at increasing transparency for student loan borrowers.
Acting Gov. Sheila Oliver, a Democrat, signed the bills Tuesday.
Oliver, the lieutenant governor, is assuming Democratic Gov. Phil Murphy's duties while he is out of state on vacation.
One measure requires colleges and universities to provide a so-called shopping sheet to prospective students. The sheet would provide information on costs, loan options and estimated debt level.
The other bill requires student loan-servicing companies to be licensed by the state. It would also crack down on servicers who provide "flawed information" to student borrowers.
The measure also creates a student loan ombudsman within the Department of Banking and Insurance to help borrowers with complaints.