An amended proposal to reorganize New Jersey’s system of higher education has been advanced by the Senate Budget Committee even though some Senators still have questions about it.

The effective date of the restructuring is being delayed until July of 2013 so it won’t have a financial impact on the state budget that has to be enacted by the end of the month.

Andrew Henry, the executive director of the Senate majority office, told lawmakers the South Jersey part of the plan uses existing resources so it won’t cause additional expenses.

He says the estimated $40 million one-time costs for Rutgers to acquire most of UMDNJ would be offset by lower cost debt.

 “The refinancing of UMDNJ’s debt being absorbed into Rutgers University’s debt net of the costs associated with the transaction, so bond counsel and the other things that go into it, would provide a $40 million dollar present value savings.”

Candace Straight, a member of the Rutgers Board of Governors, says the potential benefits of the reorganization are enormous, but has concerns about potential losses the restructuring might cause.

 “Approximately 90 percent of Rutgers students are New Jersey residents and I do not want to finance this transaction on the backs of students and their families.”

Some lawmakers say they still have unanswered questions about the plan and hope they’ll be resolved before the measure goes to a vote on the Senate floor.