The Teacher Loan Redemption Program’s application period opened earlier this month and will close on February 1, 2024. The eligibility criteria for this program was expanded for the current fiscal year to help pay off student loans from any type of lender – including both public and private loans – for teachers who qualify. To be eligible, an educator must teach a pre-K through 12 class in either mathematics, science, special education, English as a Second Language (ESL), and/or Career and Technical Education within one of the schools designated under the law’s criteria. Teachers can receive up to $5,000 per year, up to a maximum total of $20,000 in student loan redemption in exchange for teaching in a qualifying position for up to four years.

The New Jersey Teacher Loan Redemption Program offers partial student loan redemption for certain recently-hired teachers in high-need fields within eligible schools. I thank Governor Murphy and the Legislature for their commitment to these innovative programs to mitigate the teacher shortage for New Jersey’s students and school communities.” “New Jersey’s expanded support for current and aspiring teachers in our communities will boost the success of students throughout their academic journeys,” said HESAA Executive Director Socolow. “These critical HESAA initiatives play a key role in the Murphy Administration’s comprehensive and ongoing efforts to grow New Jersey’s educator workforce. It is of critical importance that we create competitive initiatives that attract and retain top educator talent by ensuring financial barriers don’t keep great teachers out of the classroom.”

“With one of the top education systems in our nation, New Jersey is looking to grow and strengthen our educational workforce,” said Governor Phil Murphy. “Teachers are the lifeblood of our school systems, helping to prepare the future leaders of our state, country, and the world.

In addition to raising awareness of the recent launch of the application period for the New Jersey Teacher Loan Redemption Program, HESAA Executive Director David Socolow met with key stakeholders at Stockton University to discuss the vital support for New Jersey’s education workforce from both the loan redemption program and the new Student-Teacher Stipend Pilot Program. NEW JERSEY - The Higher Education Student Assistance Authority (HESAA) highlighted two key initiatives to help attract and retain teachers as part of the Murphy Administration’s broader efforts to address the national K-12 educator shortage in New Jersey.

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