{"data":{"id":"us-nj/n.j.-stat.-18a-71c-55.1","jurisdiction":"us-nj","citation":"N.J. Stat. § 18A:71C-55.1","heading":"Nursing Faculty Loan Redemption Program, shall not exceed $50,000 per program participant.","body":"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.\nAs 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.\nb.\tNo 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.\nL.2023, c.244, s.3.","path":["TITLE 18A EDUCATION"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"d0e3a7e2630d4644077da82d3b8ed0bac294a9b38f676703d13cfc7bf97c21d8","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-18a-71c-55","next":"us-nj/n.j.-stat.-18a-71c-55.2"},"notice":"GroundRules: Original legal text. Not legal advice."}