A measure (A-455) that would establish the Office of Student Loan Ombudsman and better regulate student loan servicers was signed into law Tuesday by Acting Governor Sheila Oliver.
Law sponsors, Assembly Democrats Gary Schaer (D-Bergen, Passaic), Annette Quijano (D-Union), Raj Mukherji (D-Hudson), Jamel Holley (D-Union) and Joseph Danielsen (D-Middlesex, Somerset) released the following joint statement:
“As the cost of attending college continues to rise, a record number of New Jersey residents are taking on student loans, so they can receive the benefits of a college education.
“With the creation of the Office of Student Loan Ombudsman, we will provide essential resources for student loan borrowers to understand their rights and responsibilities. The core functions of the Office will be to mediate grievances, address concerns, provide education about the student loan process, and monitor implementation of student loan policies.
“The law will also establish regulations on student loan providers, and ensure that all providers are properly licensed. This will establish further protection and transparency for our college students and their families.
“We look forward to this law helping to give our students the necessary resources to become the future innovators and trailblazers that will lead New Jersey.”