New Jersey S1625 mandates annual reports on the NJCLASS Loan Program to include borrower delinquency and administrative wage garnishment data.
New Jersey S1625 amends the annual report requirements for the New Jersey College Loans to Assist State Students (NJCLASS) Loan Program. The report must now include details on borrower delinquency and administrative wage garnishments. Specifically, it requires information on the number of loans in delinquency and default, the number of garnishment orders issued, and the total and median amounts received from garnishments. The bill also mandates that loan debt statistics be reported by income bracket, aligning with the U.S. Census Bureau's quintile income levels.
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