The application period for the Teacher Loan Redemption Program will open on May 1, 2025.
Program Description
The Teacher Loan Redemption Program aims to strengthen New Jersey’s K-12 workforce by offering student loan redemption to teachers working in high-need fields at eligible schools. Participants may receive up to $5,000 in student loan redemption per year for up to four years, for a maximum total of $20,000. Loan redemption payments equal 25% of the principal and interest of eligible student loan expenses.
Program Eligibility
To participate in the program, an applicant must meet all of the following requirements:
- Be a New Jersey resident and maintain residency in the State throughout program participation;
- Hold certification from the New Jersey Department of Education to teach in the state;
- Have been hired on or after January 1, 2009 to teach in a high-need field at the time of hire;
- Currently be employed in a high-need field at an eligible school at the time of application;
- Have not previously been selected for participation in the program; and
- Not be in default on any qualifying student loan.
Approved applicants must enter into a written contract with the New Jersey Higher Education Student Assistance Authority (HESAA) to participate in the program. The contract will specify the service obligation (up to four academic years) and the total amount of student loans to be redeemed by HESAA in exchange for that service.
Fiscal Year 2025 Overview
A total of $5 million is available for Fiscal Year 2025 and will be allocated as follows:
- Up to $1 million is available for teachers hired on or after January 1, 2024;
- The remaining funds are available for teachers hired between January 1, 2009 and December 31, 2023.
Selection Criteria
After the application period closes, HESAA will review and score applications using the following weighted criteria:
- Number of unfilled teacher vacancies in the applicant’s school district: 75%
- Applicant’s student loan burden: 15%
- Applicant’s hiring date: 10%
The application period for this program will open on May 1, 2025.
Applicants are required to submit the following documents as part of their application:
- Valid New Jersey Teaching Certificate
- Completed Employer Certification Form
- Employment Contract(s)
-
Student Loan Summary: Detailed documentation of eligible student loans, including the lender’s name,
current balance, account number(s), and loan disbursement dates
- New Jersey State-Issued ID
