On December 14, 2018, Governor Phil Murphy signed into law the New Jersey STEM Loan Redemption Program. This program
offers an incentive for professionals to build and maintain their career in certain high-growth occupations in science,
technology, engineering, and mathematics (STEM) fields in New Jersey. This incentive will support innovative New Jersey
businesses in attracting and retaining the talent they need for success and growth.
The program offers student loan redemption in exchange for an employee’s commitment to full-time employment in a
designated high-growth STEM occupation at an employer in New Jersey for a period of at least four years and up to eight
years. After certification that an employee has worked for at least four years in a designated high-growth STEM
occupation in New Jersey, program participants are eligible to have up to $2,000
of eligible student loan expenses redeemed each year, for up to four years, up to a maximum of $8,000. Of
the annual $2,000 loan redemption payment, $1,000 will be funded by the New Jersey Higher Education Student Assistance Authority (HESAA) through a State appropriation, with the balance matched
by an equal contribution from the participant’s current employer.
To qualify for loan repayment assistance, an applicant must meet all of the following requirements:
New Jersey residents may now submit an application for this program based on four years of qualifying employment that started on or after December 14, 2018. Applicants found to be eligible for loan redemption under the program will agree to work for at least one additional year in a qualifying STEM occupation, for up to four additional years. Student loan redemption payments will be made to the applicant’s loan servicer after the employer certifies the employee’s completion of each year of agreed-upon additional employment. The first redemption payments will be issued in December 2023, subject to available funds.
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