NJ S3727

Creates the New Jersey Talent Retention Loan and Loan Redemption Program, providing loans up to $10,000 per year (maximum $40,000 for bachelor's, $20,000 for associate degrees) to New Jersey residents attending in-state colleges who agree to work for participating companies after graduation.

Companies contributing at least $10,000 to the New Jersey Talent Retention Loan Fund receive a 50% tax credit immediately, plus an additional 50% credit in $5,000 annual increments while employing program graduates.

For every $40,000 contributed to the fund, a company may select a student from a qualified applicants list, and that student must apply to and accept employment with the selecting company before any other participating employer.

Program participants who complete full-time employment with an eligible company receive 20% loan forgiveness per year worked, achieving complete loan cancellation after five years of employment.

Students must maintain New Jersey residency, full-time enrollment, and a minimum 3.0 GPA; loans become due 18 months after graduation if participants fail to secure qualifying employment or six months after leaving the program.