Making college more affordable is an important business issue, so the New Jersey Business & Industry Association (NJBIA) is urging the Senate to pass four college-affordability bills scheduled for a vote today.
“A college education is critical for the state economy, particularly in helping New Jersey maintain its competitive edge in having a highly educated workforce,” said Andrew Musick, NJBIA director of Taxation and Economic Development. “But even the best college education is not much help if people cannot afford it. These bills will help provide ways for students to reduce the cost of their post-secondary education and help control the debt students assume to pay for it.”
“Making our local colleges more affordable will also help us retain our best and brightest students,” Musick said. “New Jersey has the highest outmigration rate of college students of any state in the nation, and many of those students do not come back after they graduate.”
The measures supported by NJBIA are:
- S-2484, which allows a gross income tax deduction for certain student loan interest;
- S-2618, which requires institutions of higher education to enter into collective statewide reverse transfer agreements;
- S-2621, which allows students to use tuition assistance grant awards during summer session; and
- SR-84, which urges establishment of additional bridge agreements between county colleges and four-year institutions.