NJ S3359

Requires the Secretary of Higher Education to revoke a for-profit college's degree-granting license if it fails to achieve a 75% six-year graduation rate for full-time students in four-year programs within six academic years of the bill's enactment.

Applies the same license revocation requirement to for-profit schools that fail to achieve a 75% three-year graduation rate for full-time students in two-year programs within the same timeframe.

Grants the Secretary discretion to extend the compliance deadline if a school is not on track at year five but is making "sufficient progress" toward meeting the graduation rate requirements.

Defines "proprietary school" as any postsecondary institution in New Jersey operated for profit and authorized to offer licensed degree programs.

Takes effect immediately upon enactment.