NJ A923

Establishes the Teaching Scholars Loan Redemption Program within the Higher Education Student Assistance Authority to address teacher shortages by recruiting top high school graduates into teaching careers

Provides student loans of up to $40,000 for undergraduate study and an additional $10,000 for graduate study at New Jersey institutions, with the authority selecting a minimum of 100 high school graduates annually

Redeems up to $10,000 of loans for each full year of service as a public school educator in New Jersey, with a maximum total redemption of $50,000 over five years of service

Requires participants to be New Jersey residents, graduate from a New Jersey high school, apply for all available need-based grants and merit scholarships, and meet academic eligibility criteria established by the authority

Allows participants to nullify their service contract by assuming full loan repayment responsibility, and provides for contract nullification in cases of death, permanent disability, or extreme hardship