§ 18A:3B-6c — Financial aid award letter, consistent with financial aid shopping sheet, higher education.

1. a. In the event that a public or independent institution of higher education or a proprietary institution licensed to offer academic degrees provides a financial aid award letter to a student, the financial aid award letter shall: (1) be presented in a manner, and in such language, that is substantially similar to that which is used in, and uses terms as defined in, the financial aid shopping sheet provided to students pursuant to section 2 of P.L.2019, c.201 (C.18A:3B-6b); (2) clearly display the estimated net cost to attend the institution; (3) clearly differentiate a student's eligibility for loans from a student's eligibility for other forms of financial aid, including grants and scholarships; and (4) include a clear statement that the acceptance or declination of one or more loan offers shall not impact a student's eligibility for any other grants or scholarships detailed in the student's financial aid award letter. b. A student enrolled in a public or independent institution of higher education or a proprietary institution licensed to offer academic degrees shall be ineligible to receive any form of student assistance from the State, including grants, scholarships, and loans, in the event that the institution or school fails to meet the requirements established pursuant to subsection a. of this section, as determined by the Secretary of Higher Education. Prior to revoking eligibility for student assistance from the State to a student enrolled in an institution that fails to meet the requirements established pursuant to subsection a. of this section, the secretary shall provide that institution with an opportunity to come into compliance with the requirements. Nothing in this subsection shall be construed to prohibit a student from receiving any form of student assistance from the State for which the student is eligible at a different institution of higher education or proprietary institution licensed to offer academic degrees. L.2022, c.127.