NJ S2204

Appropriates $20 million in supplemental funding from the General Fund to the Higher Education Student Assistance Authority for STEM teacher loan redemption and tuition reimbursement programs

Eligible participants include individuals graduating from educator preparation programs in the 2021-2022 academic year who are hired as novice teachers to teach science, technology, engineering, or mathematics in New Jersey public schools

Loan redemption and tuition reimbursement amounts equal 25% of eligible expenses, with a maximum cap of $20,000 per individual, issued as upfront lump sum payments

Recipients must execute a contract agreeing to teach STEM classes in New Jersey public schools for four full school years; failure to complete service requires repayment of funds as a loan

Program also covers individuals completing master's or Ph.D. programs in STEM or 30 credits in a coherent STEM course sequence who become eligible to teach in public schools