New 'Student Loan Literacy' Law Aims to Help NJ Kids Avoid College Debt

As families get caught up in 'the prestige' of Ivy League schools before they really grasp the price tag, the state is working to make county college more attractive and affordable.

When Julia Barbour was 18 and graduating from Moorestown High School, she wanted to be a lawyer. But she only qualified for less than half the amount of financial aid she needed to attend Rutgers University. So Barbour went with a private lender to cover the difference—at a variable rate, with her parents as cosigners, for about $50,000. “I clicked online, I put in some information and I had money,” she said. “And it was great.” Post-graduation, however, things had changed. Barbour had gone to work for an attorney, was laid off and needed more school to facilitate a career change (a graduate degree in occupational therapy). She tried to put her loans into forbearance. Her lender told her a deal was approved—and then started sending her …

•  7 Comments
• Photos (3)