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 certified teachers, with a maximum of $50,000 over five years of required full-time employment.

Requires participants to be New Jersey residents who either graduated from a high school in a teacher-shortage district or resided in that jurisdiction for more than five years.

Limits total program expenditures to $500,000 per state fiscal year, with the executive director selecting participants from eligible applicants based on available funds.

Makes furnishing false or misleading information to receive program benefits a fourth-degree crime, and allows contract nullification upon participant's death, permanent disability, or extreme hardship.