Bill > A5712

This bill establishes an Air Traffic Controller Loan Redemption Program that helps eligible air traffic controllers working at approved sites in New Jersey reduce their student loan debt. Under the program, participants can have up to $100,000 of their qualifying student loans redeemed based on years of service: 16% ($16,000) for the first year, 26% ($26,000) for the second year, 28% ($28,000) for the third year, and 30% ($30,000) for the fourth year. To be eligible, applicants must be New Jersey residents, employed as air traffic controllers at approved sites (which include state airports or FAA facilities), and apply within one year of being initially hired. The bill also creates a grant program for public higher education institutions to support aviation education initiatives, including participation in the federal Unmanned Aircraft Systems Collegiate Training Initiative and establishing a Center for the Study of Unidentified Aerial Phenomena. The program is funded with $1 million allocated to the loan redemption program and $2.5 million for aviation grants, with administrative provisions allowing for rule-making by relevant state authorities. Participants can nullify their contract by repaying their loans, and the program provides exemptions for death or total disability.