New Jersey Teacher Loan Redemption Program

 

Program Description

This program is designed for teachers in New Jersey who teach in high-need fields in eligible schools. Loan redemption under the program shall amount to 25% of principal and interest of a program participant’s eligible student loan expenses for up to four years. Redemptions shall not exceed $5,000, in return for each consecutive full school-year of approved employment service. The total loan redemption amount for four years of program participation shall not exceed $20,000.

Program Eligibility

To participate in the program an applicant:

• Must be a New Jersey resident and maintain residency in the State during program participation;
• Not be in default on any eligible qualifying loan;
• Must be certified by the New Jersey Department of Education to teach in New Jersey;
• Must have been hired on or after January 18, 2022 to teach in a high-need field in an eligible school;
• Must be employed in a high-need field in an eligible school at the time of application;
• Must not have been selected previously for participation in the program.
• Must enter into a written contract with HESAA to participate in the program. The contract shall specify the duration of the participant's approved employment service obligation, not to exceed four school-years, and the total amount of loans to be redeemed by HESAA in return for service.

The application period for this program is currently closed.