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NJ S3090
Bill
Status
4/11/2024
Primary Sponsor
Joseph Cryan
Click for details
AI Summary
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Employers designated as qualifying employers under the federal Public Service Loan Forgiveness (PSLF) Program must notify new employees of their potential eligibility during the initial benefits explanation
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Required notification must include PSLF program requirements: employment with a qualifying employer, working at least 30 hours per week (or meeting the employer's full-time definition, whichever is greater)
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Employers must inform employees about loan requirements: having a William D. Ford Federal Direct Loan or consolidating other federal student loans into a Direct Loan
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Notification must explain that employees need to repay loans under an income-driven repayment plan and make 120 monthly payments to qualify for forgiveness
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The bill takes effect immediately upon enactment
Legislative Description
Requires certain employers to provide certain employees with notifications concerning federal Public Service Loan Forgiveness program.
Higher Education
Last Action
Introduced in the Senate, Referred to Senate Higher Education Committee
4/11/2024