NJ S2033

Secretary of Higher Education must establish guidelines for student financial aid offers based on best practices from the U.S. Government Accountability Office's November 2022 report

Guidelines must require institutions to clearly differentiate between direct and indirect costs, provide total cost of attendance, and estimate net price

Financial aid offers must use standardized terms and definitions, explain students' rights to accept or decline aid, and include contact information for institutional representatives

The term "award" is prohibited in student financial aid offers under the new guidelines

Guidelines must comply with the U.S. Department of Education's "College Financing Plan" and existing New Jersey consumer information laws while avoiding duplication of federal requirements