NJ A1697

Creates the Teaching Scholars Loan Redemption Program within the Higher Education Student Assistance Authority to address critical educator shortages in New Jersey public schools.

Provides student loans up to $40,000 for undergraduate studies and an additional $10,000 for graduate studies, with a minimum of 100 high school graduates selected annually.

Redeems up to $10,000 per year of teaching service in New Jersey public schools, with a maximum total redemption of $50,000 for five years of service.

Requires participants to be New Jersey residents, graduate from a state high school, enroll in a state institution, and apply for all other available grants and scholarships before receiving program loans.

Allows participants to nullify contracts by assuming loan repayment responsibility, with service obligations also nullified in cases of death, permanent disability, or extreme hardship.