Gov. Murphy Will Require Colleges, Universities To Offer Students A Financial Breakdown

A new law signed by Governor Murphy aims to make the college decision process a bit more transparent for students and families. Bill S1877 was signed into law on Sept. 16 and requires higher education institutions to include information on costs, loan options, and estimated debt to prospective students.

What Murphy is calling financial 'shopping sheets' will be required at public and independent institutions of higher education. The shopping sheet was previously required to be provided for incoming students as part of the Murphy Administration’s college affordability and transparency initiatives. This law expands the reach of this important price transparency tool.

“This legislation doubles down on our commitment to make the true cost of higher education more transparent and easier to understand,” said Governor Murphy. “By strengthening transparency standards, students will have the information they need to make informed choices as they plan their educational futures."

New Jersey has 66 institutions of higher education in the state.

“As part of our ongoing commitment to improving college affordability in New Jersey, this will offer all students — prospective and currently enrolled — greater financial transparency so they are informed of their options,” said Dr. Brian Bridges, Secretary of Higher Education. “Families will receive clear and comprehensible information to assess costs, loan options and estimated debt to inform their decisions on a postsecondary pathway that best suits their individual circumstances.”