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Bill > S95
NJ S95
NJ S95Establishes loan redemption program for teachers to redeem loan amounts received under the New Jersey College Loans to Assist State Students Loan Program through employment in public or nonpublic schools in New Jersey.
summary
Introduced
01/14/2020
01/14/2020
In Committee
01/14/2020
01/14/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill establishes the New Jersey College Loans to Assist State Students (NJCLASS) Teacher Loan Redemption Program in the Higher Education Student Assistance Authority. The program would allow a person to redeem a portion of his NJCLASS loan amounts for each year of service as a teacher in a public or nonpublic school in New Jersey. Under the bill, in order to participate in the loan redemption program, a person must have been an undergraduate student borrower in the NJCLASS Loan Program. A participant must also be a resident of the State who obtained initial employment in a public or nonpublic school after the effective date of this bill. In order to participate in the loan redemption program, a person must execute a contract with the authority. The contract would be for a specified number of one-year periods of service and would specify the total amount of debt to be redeemed by the State in return for the service. The redemption of loans under the loan redemption program would amount to 10% of principal and interest of the NJCLASS loan amounts for a full year of service.
AI Summary
This bill establishes the New Jersey College Loans to Assist State Students (NJCLASS) Teacher Loan Redemption Program, which allows NJCLASS borrowers who become teachers in public or nonpublic schools in New Jersey to redeem a portion of their NJCLASS loans for each year of service. The program participant must be a resident of New Jersey and have been hired as a teacher after the effective date of the bill. The redemption amount is 10% of the principal and interest of the NJCLASS loan for each full year of service, and the participant must enter into a contract with the Higher Education Student Assistance Authority to participate in the program.
Committee Categories
Education
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Education Committee (on 01/14/2020)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2020/Bills/S0500/95_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/S0500/95_I1.PDF |
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