Establishes a loan redemption program for teachers under which they are permitted to redeem loan amounts received under the New Jersey College Loans to Assist State Students Loan Program through employment in public schools in New Jersey.
NJEA supports S-520 (Gill, Ruiz), which would establish the New Jersey College Loans to Assist State Students (NJCLASS) Teacher Loan Redemption Program in the Higher Education Student Assistance Authority. This would allow teachers to redeem 10% of the principal and interest of their NJCLASS loan amounts for each year they serve as public school teachers in New Jersey.
This bill will benefit New Jersey public schools, as it creates an incentive for individuals to enter the teaching profession and could broaden the applicant pool. At the same time, it will help those who decide to enter the teaching field repay their loans.
NJEA asks you to support S-520. It will benefit schools and students, and will benefit new teachers entering the profession.