The executive director of the New Jersey Higher Education Assistance Authority recently sent a letter addressed to local educational agency leads and nonpublic school administrators to announce the opening of the application period for the New Jersey Teacher Loan Redemption Program, which offers partial student loan redemption for certain teachers in high-need fields in eligible schools.
The application period opened Nov. 1, 2023, and will close Feb. 1, 2024, according to the Nov. 1 letter from David J. Socolow.
To participate in the program an applicant:
- Must be a New Jersey resident and maintain residency in the state during program participation.
- Must have an outstanding balance and not be in default on a student loan(s) that the applicant borrowed to cover the cost of attendance at an undergraduate or graduate institution of higher education.
- Must be certified by the New Jersey Department of Education to teach in New Jersey.
- Must have been hired on or after Jan. 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.
Stakeholders are asked to disseminate this information to teachers in their district, so they can learn if they are eligible for loan redemption that could pay off up to $20,000 of the balances of their student loans.
Visit this webpage to learn more.