Bill > A1670

Introduced Session

This bill expands eligibility for the NJCLASS Teacher Loan Redemption Program. Current law provides loan redemption for teachers employed in a high-need field in a low-performing school. The redemption of loans under the current program amounts to 25 percent of principal and interest, up to $5,000, for each consecutive full year of service, for a maximum loan redemption amount of $20,000 for four years of service. Under the current program, loans redemption may only be provided for NJCLASS loans issued to undergraduate student borrowers. Under the bill, an eligible teacher employed in a high-need field in any public school may receive NJCLASS loan redemption equal to 20 percent of principal and interest, up to $3,750, for each consecutive full year of service, for a maximum loan redemption amount of $15,000 for four years of service. Additionally, an eligible teacher employed in any public school may receive NJCLASS loan redemption equal to 15 percent of principal and interest, up to $2,500, for each consecutive full year of service, for a maximum loan redemption amount of $10,000 for four years of service. Additionally, the bill permits an eligible teacher to receive loan redemption for NJCLASS loans issued to a student borrower for graduate study. Additionally, the bill requires the Department of Education to annually issue a survey to each school district to identify vacancies and teacher shortages at the school and district levels.

AI Summary

Committee Categories

Verlina Reynolds-Jackson (D)*,  Gabriel Rodriguez (D),  Sterley Stanley (D), 

Assembly Education Hearing (10:00:00 3/4/2024 Committee Room 16, 4th Floor, State House Annex, Trenton, NJ) (on 03/04/2024)

Official Document