NJ S1945

Creates the Volunteer Emergency Responder Loan Redemption Program within the Higher Education Student Assistance Authority for New Jersey residents who completed undergraduate degrees or certificates at in-state institutions.

Eligible volunteer emergency responders include active members of volunteer fire companies, first aid/rescue/ambulance squads, or county/municipal volunteer Office of Emergency Management whose duties include responding to emergency calls.

Provides up to $16,000 total in student loan redemption over three years: $4,000 (25% of original loan) in year one, $4,000 (25%) in year two, and $8,000 (50%) in year three following graduation.

Participants must submit annual proof of active volunteer status in good standing; partial year service provides no benefits.

Contracts may be nullified by the participant assuming remaining loan responsibility, or by the authority in cases of death, total permanent disability, or extreme hardship.