Establishes loan redemption program for teachers in New Jersey to redeem NJCLASS loans through employment in public or nonpublic schools.

This bill establishes the New Jersey College Loans to Assist State Students (NJCLASS) Teacher Loan Redemption Program. It allows teachers in New Jersey to redeem a portion of their NJCLASS loans for each year of service in public or nonpublic schools. The program provides for the redemption of 10% of principal and interest of a teacher's NJCLASS loan amounts for a full year of service. To participate, a teacher must be a resident of New Jersey and have executed a contract with the authority for a specified number of one-year periods of service.

Establishes loan redemption program for teachers in New Jersey to redeem NJCLASS loans through employment in public or nonpublic schools.

This bill establishes the New Jersey College Loans to Assist State Students (NJCLASS) Teacher Loan Redemption Program. It allows teachers in New Jersey to redeem a portion of their NJCLASS loans for each year of service in public or nonpublic schools. The program provides for the redemption of 10% of principal and interest of a teacher's NJCLASS loan amounts for a full year of service. To participate, a teacher must be a resident of New Jersey and have executed a contract with the authority for a specified number of one-year periods of service.