Bill
Bill > A372
NJ A372
NJ A372Establishes 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
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 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 eligible participants who are undergraduate student borrowers in the NJCLASS Loan Program and become teachers in public or nonpublic schools in New Jersey to redeem a portion of their NJCLASS loan amounts. Participants must execute a contract with the Higher Education Student Assistance Authority, which specifies the amount of debt to be redeemed in return for a certain number of years of service as a teacher. The bill outlines the terms and conditions of the loan redemption program, including the redemption amount, the handling of contract nullification, and the rules and regulations to be adopted by the Authority in consultation with the Department of Education.
Committee Categories
Education
Sponsors (1)
Last Action
Introduced, Referred to Assembly Higher Education Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A372 |
| BillText | https://pub.njleg.gov/Bills/2024/A0500/372_I1.HTM |
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