Bill > A1829

This bill establishes the New Jersey College Loans to Assist State Students (NJCLASS) Teacher Loan Redemption Program, administered by the Higher Education Student Assistance Authority, to help certified New Jersey resident teachers with student loan debt. Eligible "program participants" are undergraduate borrowers of NJCLASS loans who are hired as science or mathematics teachers in New Jersey public schools, which include traditional school districts and charter schools. These teachers can enter into a contract to redeem a portion of their NJCLASS loan principal and interest through their service. The redemption amount varies: teachers in districts that received specific state aid in the 2007-2008 school year can have 45% of their loan principal and interest redeemed after three years of service, plus 15% for each additional year, while teachers in other public schools can have 30% redeemed after three years, plus 10% for each additional year. Teachers must provide proof of employment and complete full school years to receive benefits, but the program allows for contract nullification in cases of death, total disability, or extreme hardship.