Requires annual report on NJCLASS Loan Program to include borrower delinquency and administrative wage garnishment data.
This bill amends the annual report requirement for the New Jersey College Loans to Assist State Students (NJCLASS) Loan Program. It mandates that the report include details on borrower delinquency, such as the number of loans that reached 90 days of delinquency and the number of administrative wage garnishment orders issued. The report must also detail the total and median amount received from administrative wage garnishment orders. This additional information aims to provide a clearer picture of the program's financial health and borrower performance.
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