Rutgers Law

New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

    Chapter 16zz: Student Loans

      Section: 17:16zz-3: Duties of the ombudsman; education course; reports.

          3. a. The commissioner shall ensure that the ombudsman:

(1) receive, review, and attempt to resolve any complaints from student loan borrowers, including, but not limited to, attempts to resolve those complaints in collaboration with institutions of higher education, student loan servicers, and any other participants in student education loan lending;

(2) compile and analyze data on student loan borrower complaints as described in paragraph (1) of this subsection;

(3) assist student loan borrowers to understand their rights and responsibilities under the terms of student education loans;

(4) provide information to the public, agencies, legislators, and others regarding the problems and concerns of student loan borrowers, and make recommendations for resolving those problems and concerns;

(5) analyze and monitor the development and implementation of federal, State, and local laws, regulations, and policies relating to student loan borrowers and recommend any changes the Student Loan Ombudsman deems necessary;

(6) review the complete student education loan history for any student loan borrower who has provided written consent for review;

(7) disseminate information concerning the availability of the Student Loan Ombudsman to assist student loan borrowers and potential student loan borrowers, including disseminating the information to institutions of higher education, student loan servicers, and any other participant in student education loan lending, with any student loan servicing concerns; and

(8) take any other actions necessary to fulfill the duties of the Student Loan Ombudsman as set forth in this section.

b. No later than October 1, 2020, the commissioner shall ensure that the Student Loan Ombudsman and the Higher Education Student Assistance Authority establish and maintain a student loan borrower education course that shall include educational presentations and materials regarding student education loans. The program shall include, but not be limited to, key loan terms, documentation requirements, monthly payment obligations, income-based repayment options, loan forgiveness, and disclosure requirements.

c. No later than 12 months following the date of appointment of the ombudsman pursuant to section 2 of this act, and annually thereafter, the Student Loan Ombudsman shall submit a report to the Commissioner of Banking and Insurance and the Secretary of Higher Education. The ombudsman shall report on: (1) the implementation of this section; (2) the overall effectiveness of the Student Loan Ombudsman position; and (3) additional steps that need to be taken for the Department of Banking and Insurance to gain regulatory control over the licensing and enforcement of student loan servicers.

L.2019, c.200, s.3.

This section added to the Rutgers Database: 2019-08-28 12:32:48.

Older versions of 17:16zz-3 (if available):

Court decisions that cite this statute: CLICK HERE.