NJ A3330

Creates the NJCLASS Teacher Loan Redemption Program within the Higher Education Student Assistance Authority to allow teachers to redeem portions of their New Jersey College Loans to Assist State Students loans through teaching service.

Redeems 10% of principal and interest on NJCLASS loan amounts for each full year of service as a teacher in a New Jersey public or nonpublic school.

Requires participants to be New Jersey residents who were undergraduate NJCLASS borrowers and who obtained initial teaching employment after the bill's effective date.

Participants must execute a contract specifying the number of one-year service periods and total debt to be redeemed, with annual proof of school employment required.

Allows contract nullification in cases of death, total permanent disability, or extreme hardship, with loan redemption for the current year if death or disability occurs after the second year of service.