NJ S2582

Creates the Grow Your Own Teacher Loan Redemption Program within New Jersey's Higher Education Student Assistance Authority to encourage graduates to return and teach in their home school districts experiencing teacher shortages.

Provides up to $10,000 per year in student loan redemption for each year of full-time teaching, with a maximum of $50,000 over five years of employment.

Requires participants to be New Jersey residents who either graduated from a high school in a district with teacher shortages or resided in that jurisdiction for more than five years, and must be hired as certified teachers in that district.

Caps annual program expenditures at $500,000 per state fiscal year.

Participants must sign a five-year employment contract with the authority, and providing false information to receive benefits constitutes a fourth-degree crime.