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NJ A372
Bill
Status
1/9/2024
Primary Sponsor
Sterley Stanley
Click for details
AI Summary
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Establishes the NJCLASS Teacher Loan Redemption Program within the Higher Education Student Assistance Authority to forgive student loan debt for teachers working in New Jersey schools
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Redeems 10% of principal and interest on NJCLASS loans for each full year of teaching service in a public or nonpublic school in New Jersey
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Requires participants to be New Jersey residents who were undergraduate NJCLASS borrowers and were initially hired as teachers after the bill's effective date
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Participants must execute a contract with the authority specifying the number of one-year service periods and total debt to be redeemed
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Service obligations are nullified in cases of death or total permanent disability, with partial redemption possible if these occur after the second year of service
Legislative Description
Establishes loan redemption program for teachers to redeem loan amounts received under the New Jersey College Loans to Assist State Students Loan Program through employment in public or nonpublic schools in New Jersey.
Higher Education
Last Action
Introduced, Referred to Assembly Higher Education Committee
1/9/2024