Bill > A3552

Introduced Session

This bill establishes the Grow Your Own Teacher Loan Redemption Program in the Higher Education Student Assistance Authority (HESAA). The purpose of the program is to encourage students who graduated high school from a school district with a shortage of teachers to return to teach in that school district. Under the bill, HESAA will offer loan redemption up to $10,000 of principal and interest of eligible student loan expenses for each full year of employment by the program participant. The total loan redemption amount for a program participant, for five years of employment, will not exceed $50,000. To be eligible to participate in the program, an applicant is required to: be a resident of the State and maintain domicile in the State during participation in the program; have previously graduated high school in a school district designated by the Department of Education as having a shortage of teachers during the year in which the applicant submits a program application to HESAA; have successfully completed an undergraduate or graduate program of study within a five-year period prior to applying for the program; be hired as a certified teacher by the school district with a shortage of teachers from which the applicant graduated high school; and have an outstanding balance on a State or federal student loan and not be in default on any loan. A program participant will enter into a written contract with HESAA to participate in the program. The contract will specify the duration of the applicant's required employment, which will be no less than five years, and the total amount of eligible student loan expenses to be redeemed by the State in return for employment as a teacher in the school district.

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Pam Lampitt (D)*, 

Introduced, Referred to Assembly Education Committee (on 02/25/2020)