Establishes loan redemption program for teachers to redeem loan amounts received under the New Jersey College Loans to Assist State Students Loan Program through employment in public or nonpublic schools in New Jersey.
Provides supplemental appropriation of $20 million for loan redemption program and tuition reimbursement program for certain teachers of science, technology, engineering, and mathematics.
Permits cosigners to student loans under New Jersey College Loans to Assist State Students (NJCLASS) Loan Program to make payments on loans; allows gross income tax deduction for certain payments under NJCLASS Loan Program.
Requires Higher Education Student Assistance Authority to consider combined income of all cosigners on application for participation in New Jersey College Loans to Assist State Students (NJCLASS) Loan Program.
Requires Higher Education Student Assistance Authority to consider combined income of all cosigners on application for participation in New Jersey College Loans to Assist State Students (NJCLASS) Loan Program.
Requires annual report on New Jersey College Loans to Assist State Students (NJCLASS) Loan Program to include information on borrower delinquency and administrative wage garnishments.