NJ A2632

Creates the New Jersey Talent Retention Loan and Loan Redemption Program to provide loans of up to $10,000 per year ($40,000 maximum for bachelor's degrees, $20,000 for associate degrees) to state residents attending New Jersey colleges

Companies contributing at least $10,000 to the New Jersey Talent Retention Loan Fund receive an immediate 50% tax credit, plus an additional 50% credit in $5,000 annual increments when they employ program graduates

Companies contributing $40,000 or more may select students from a qualified applicants list, with those students contractually obligated to apply to and accept employment with that company first upon graduation

Students must be New Jersey residents for at least 12 months, graduate from an in-state high school, maintain a 3.0 GPA, and work up to four years at a participating company to have their loans forgiven at 20% per year of employment

Loans become due 18 months after graduation if the participant does not begin approved employment with a contributing company