More cash to be funnelled into New Jersey colleges in 2013

The November elections resulted in more than just the reelection of President Barack Obama for residents of New Jersey, as voters passed the controversial Building Our Future Bond Act (BOF). Under the BOF, the state will allocate $750 million to the 46 different colleges and universities throughout New Jersey.

The BOF was hotly contested leading up to election day, as many citizens argued that the funding would place a heavy burden on the state's already tight yearly budget. However, proponents of the act countered the opposition by highlighting the benefits it will have not only for students but for the entire state economy.

"A study put forth by Rutgers, once our rival but now our ally in the campaign, found that nearly 10,000 direct jobs and 40,000 indirect jobs will be created as a result of the BOF bond being passed, including millions in new tax revenue," Seton Hall representative for the project Mario Costa told the school's newspaper, The Setonian, in an article before the vote.

New Jersey is one of only five states nationwide that hasn't granted bonds to enrich higher education in the past five years. The last such act was voted upon in 1988, before many post-grads in the New Jersey college system were even born.

Perhaps most importantly, the BOF will help to better the overall fiscal picture for schools statewide. This will lead to an increase in affordability which may help in negotiating financial aid for prospective students.

Before applying to college, students and parents should contact knowledgeable financial aid consultants like the ones at College Financing Group. With years of experience negotiating financial aid, our team can help applicants figure out the best route to take when paying for college.