Establishes Student Tuition Recovery Fund to compensate students impacted by failing or fraudulent proprietary institutions.
New Jersey S4644 establishes a Student Tuition Recovery Fund in the Office of the Secretary of Higher Education to compensate students impacted by failing or fraudulent proprietary institutions. The fund is financed by an initial deposit of $2,500 from each proprietary institution and ongoing fees based on institutional charges. The Secretary of Higher Education can pursue cancellation or discharge of student loan obligations to relieve students of economic loss.
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