NJ S2403

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

Requires the authority to select a minimum of 100 high school graduates annually to receive student loans of up to $40,000 for undergraduate studies and an additional $10,000 for graduate studies

Provides loan redemption of up to $10,000 per year of full-time service as a public school educator in New Jersey, with a maximum total redemption of $50,000 for five years of service

Eligible participants must be New Jersey residents, graduate from a state high school, apply for all available need-based grants and merit scholarships, and enroll in a public or independent institution of higher education in the state

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