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Big budget boosts funds for higher education

But more money is only part of the story. Experts are also studying longstanding inequities in initiatives like the Tuition Aid Grant program Eugene Lepore, executive director of the New Jersey Association of State Colleges and Universities The fiscal year 2022 budget deal struck by Gov. Phil Murphy and legislative leaders in June was a monumental spending plan for many reasons: It was the largest budget in New Jersey’s history, made a massive $6.9 billion pension payment and established a new $3.7 billion debt defeasance and prevention fund, to name three reasons. It was also a landmark budget for college access and affordability.

Governor Murphy, Senate President Sweeney, and Speaker Coughlin Announce Agreement on Fiscal Year 2022 Budget Proposals to Make Higher Education and Retirement More Affordable

Governor Murphy, Senate President Sweeney, and Speaker Coughlin Announce Agreement on Fiscal Year 2022 Budget Proposals to Make Higher Education and Retirement More Affordable
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New tax breaks for NJ college students, senior citizens What to know

Students and senior citizens can expect financial perks under a budget deal announced by state leadership Tuesday.  The agreement would provide two years of free tuition for certain students of public colleges; create new college tax deductions; match college savings payments for low-income families and raise the amount of income excluded from taxes for retirees.  The benefits are included in a proposed $46.4 billion spending plan for the 12-month budget year that begins July 1. Lawmakers budget, outlined in a 280-page bill, was made available to the public late Tuesday afternoon, just minutes before panels of lawmakers in the Senate and Assembly gave it initial approval.

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