NJ S1716

Bill

Establishes 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.

Introduced
02/28/2022

In Committee
02/28/2022

Crossed Over

Passed

Dead
01/08/2024

Introduced Session

2022-2023 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. The program allows undergraduate student borrowers who are New Jersey residents and are employed as teachers in public or nonpublic schools in New Jersey after the effective date of the bill to redeem a portion of their NJCLASS loans. The redemption amount is 10% of the principal and interest of the NJCLASS loan for each full year of teaching service. The program participant must enter into a contract with the Higher Education Student Assistance Authority, which administers the program, to specify the terms of the loan redemption.

Committee Categories

Education

Sponsors (1)

Nia Gill (D)*,

Last Action

Introduced in the Senate, Referred to Senate Education Committee (on 02/28/2022)

Official Document

https://www.njleg.state.nj.us/bill-search/2022/S1716

(4 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.njleg.state.nj.us/bill-search/2022/S1716
BillText	https://pub.njleg.gov/Bills/2024/S2000/1716_I1.HTM
BillText	https://www.njleg.state.nj.us/Bills/2022/S2000/1716_I1.HTM
Bill	https://www.njleg.state.nj.us/Bills/2022/S2000/1716_I1.PDF

Bill	Bill Name	Last Action	Type
A1529	Provides that application for voluntary discharge of personal representative for estate need not be consented to by parties in interest if governing document indicates successor representative; authorizes possible payment of commission.	Introduced, Referred to Assembly Judiciary Committee	Carry Over
A4136	Establishes 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.	Introduced, Referred to Assembly Education Committee	Same As
S2218	Provides for increase in relocation assistance amounts based on increase of CPI.	Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee	Carry Over
S95	Establishes 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.	Introduced in the Senate, Referred to Senate Education Committee	Carry Over

Bill > S1716

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary