New Jersey Statutes 18A:71C-55.1. Nursing Faculty Loan Redemption Program, shall not exceed $50,000 per program participant
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Terms Used In New Jersey Statutes 18A:71C-55.1
- Academic year: means the period between the time school opens in any school district or under any board of education after the general summer vacation until the next succeeding summer vacation. See New Jersey Statutes 18A:1-1
- Employment: includes employment in a position. See New Jersey Statutes 18A:1-1
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
3. a. For each year of full-time faculty employment at an eligible institution, the program shall provide $10,000 to a program participant, up to a maximum five years, for the redemption of eligible student loan expenses. Loan redemption amounts for program participants who do not have full-time faculty employment shall be awarded on a pro-rata basis. The total loan redemption amount for a program participant shall not exceed $50,000.
As used in this subsection, “full-time faculty employment” means employment with a faculty load of 12 or more academic credits in each of two semesters in an academic year.
b. No amount of loan redemption shall be provided for service performed for less than a full year. Loan redemption shall be applied first to outstanding State loans and then to outstanding Federal loans.
L.2023, c.244, s.3.