Bill > A5712

This bill establishes an Air Traffic Controller Loan Redemption Program that provides student loan forgiveness for eligible air traffic controllers working at approved sites in New Jersey. Under the program, participants can have up to $100,000 of their student loans redeemed, with 16% forgiven for the first year of service (up to $16,000), 26% for the second year (up to $26,000), 28% for the third year (up to $28,000), and 30% for the fourth year (up to $30,000). To be eligible, applicants must be New Jersey residents, employed as air traffic controllers at approved sites, and apply within one year of being hired. The bill also creates a grant program for public higher education institutions to support aviation-related education, including participation in the Federal Aviation Administration's Unmanned Aircraft Systems Collegiate Training Initiative and establishing a Center for the Study of Unidentified Aerial Phenomena. The program includes provisions for nullifying service obligations in cases of death, total and permanent disability, or extreme hardship. The bill appropriates $1 million to fund the loan redemption program and $2.5 million for the higher education aviation grants, with administrative oversight from the Higher Education Student Assistance Authority and the Office of the Secretary of Higher Education.

Budget and Finance, Education

https://www.njleg.state.nj.us/bill-search/2024/A5712