Nursing faculty in New Jersey are now eligible to apply for up to $50,000 in student loan relief through the Nursing Faculty Loan Redemption Program, administered by the Higher Education Student Assistance Authority (HESAA). The initiative is designed to address the ongoing nursing shortage across the state by encouraging qualified professionals to teach at New Jersey institutions.
The application window for this program is open until March 2. Both full- and part-time faculty who hold degrees from approved graduate programs can participate. Eligible participants may receive up to $10,000 per year in student loan repayment over a maximum of five years. Payments are made directly toward outstanding student loan balances after each completed year of teaching service.
Governor Mikie Sherrill commented on the significance of this effort: “Addressing workforce shortages with innovative solutions is key to ensuring the success of our communities and our state as a whole. By alleviating the student loan debt of faculty members who agree to teach aspiring nurses, this program helps close gaps in New Jersey’s nursing workforce so more residents can access the health care they need.”
Jerry Traino, acting Executive Director of HESAA, said: “Like other workforce development programs administered by HESAA, the Nursing Faculty Loan Redemption Program encourages professionals to serve in high-need fields through targeted incentives. Supporting nursing faculty in exchange for teaching, whether full- or part-time, helps ensure more students across our state can access the education and training needed to enter our state’s nursing workforce.”
The amount awarded varies based on teaching load: those instructing 24 or more credits per academic year may receive up to $10,000 annually; part-time faculty teaching between 18 and 23 credits may qualify for up to $8,000; and those teaching between 3 and 17 credits could receive $5,000 each year.
This year’s funding allocation totals $825,000 for all qualifying applicants. To be considered eligible, applicants must reside in New Jersey, possess a valid Registered Nursing License or Nurse Licensure Compact recognized by New Jersey, and submit all required documents within the application period. Selection criteria include total credits taught, proportion of credits within an eligible Registered Nursing program, consecutive years at one institution, and degree type from an approved graduate program.
Both NJCLASS loans and federal student loans used for graduate studies at approved programs qualify for redemption under this initiative. Applicants must not be in default on any student loans.
