FIRST REPORT: State Officials Reject All BOE Loans, Including Lakewood’s $104 Million Loan Request

In a disastrous decision for the financially struggling Lakewood and Jackson school districts, state officials have reportedly informed all school districts across New Jersey that they may not request any loans to balance their budgets for the 2024-2025 school year.

The ramifications of this decision cannot be understated. The Lakewood School District is already up to its neck in debt owed from previous state loans, and recently said it would be requesting its largest loan ever – $104 million – from the state to cover its expenses for the 2024-2025 school year.

The decision leaves a gaping hole in the financial viability of its education plans.

This decision leaves Jackson reeling, as well. BOE officials said they would be requesting a $30 million state loan for the 2024-2025 school year to help cover expenses they do not have the funds for.

It is not yet clear how officials now plan to balance their budgets, but it is certain that Lakewood and Jackson are now facing an unprecedented crisis.

In the meantime, Jackson school officials are requesting the public to watch the below video to learn how they can be of assistance to the school district.

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5 COMMENTS

  1. This is going to make living in Lakewood even more difficult. Since they can’t take a loan, t’s going to be up to the taxpayers to cover the shortfall. Get ready for taxes to skyrocket. If you have a mortgage, it’s going to really increase.

  2. Why is Lakewood not doing what Jasckson is doing to get people involved? Is it better to just keep it quiet and not let the ‘sheep’ know the truth what is happening?

  3. Why does Lakewood need such a large loan of 104 million and Jackson needs only 30 mil.
    Is Lakewood’s loan request in line with other cities of Lakewood’s size?

    • Jackson has 60000 people, Lakewood has at least 135000. Elizabeth, the next biggest city, which Lakewood will probably overtake in the last census, had 584 million dollar budget last year. Lakewood had a 332 million dollar one.

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