Requires certain employers to provide certain employees with notifications concerning federal Public Service Loan Forgiveness program.

A2347

ASSEMBLY, No. 2347

STATE OF NEW JERSEY

222nd LEGISLATURE

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PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION

Sponsored by:

Assemblyman WILLIAM F. MOEN, JR.

District 5 (Camden and Gloucester)

SYNOPSIS

���� Requires certain employers to provide certain
employees with notifications concerning federal Public Service Loan Forgiveness
program.

CURRENT VERSION OF TEXT

���� Introduced Pending Technical Review by Legislative
Counsel.

��

An Act

concerning the
explanation of benefits to new employees and supplementing Title 34 of the
Revised Statutes.

����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:

���� 1.��� An employer in the State
who is designated as a qualifying employer under the
federal
Public Service Loan Forgiveness Program (PSLF), established under the �College
Cost Reduction and Access Act� (20 U.S.C. s.1087e),
shall notify an
employee during the explanation of benefits conducted at the beginning of
employment of:

���� a.���� potential eligibility
for the PSLF program; and

���� b.��� the requirements to be
eligible for the PSLF program, which include, but are not limited to, the
following:

���� (1)�� employment with a qualifying
employer;

���� (2)�� a work schedule of at
least 30 hours per week with the qualifying employer or a schedule that meets
the qualifying employer�s definition of full-time work, whichever is greater;

���� (3)�� a balance with the
William D. Ford Federal Direct Loan (Direct Loan) Program offered by the U.S.
Department of Education or consolidation of other federal student loans into a
Direct Loan;

���� (4)��
repayment
of a Direct Loan under an income-driven repayment plan; and

���� (5)�� payment of 120 monthly
payments.

���� 2.��� This act shall take
effect immediately.

STATEMENT

���� This bill requires an employer
in the State who is designated as a qualifying employer under the federal
Public Service Loan Forgiveness Program (PSLF), established under the �College
Cost Reduction and Access Act,� to provide information concerning the PSLF program
to employees during the explanation of benefits conducted at the beginning of
employment.

���� Under this bill, a qualifying
employer will be required to notify an employee about potential eligibility for
the PSLF program and of the requirements to qualify for the PSLF program, which
include, but are not limited to, the following:

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employment by a qualifying employer;

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a work schedule of at least 30 hours per week for the qualifying
employer or a schedule that meets the qualifying employer�s definition of
full-time work, whichever is greater;

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a balance with the William D. Ford Federal Direct Loan (Direct
Loan) Program offered by the U.S. Department of Education or consolidation of
other federal student loans into a Direct Loan;

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repayment of loans under an income-driven repayment plan; and

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�payment of 120 payments.