TRENTON, NJ — A legislative proposal aims to launch the “Succeed in New Jersey” student loan reimbursement program, managed by the Higher Education Student Assistance Authority (HESAA). This program seeks to reduce the burden of student debt for New Jersey’s recent graduates working in specific sectors critical to the state’s workforce.
Eligibility for the program requires that applicants are New Jersey residents, U.S. citizens or eligible noncitizens, and recent college graduates with a degree earned in December 2014 or later. Additionally, applicants must apply within four years of graduation, be employed in designated fields, and have an income under 500 percent of the federal poverty guidelines.
The Department of Labor and Workforce Development will identify up to five employment fields eligible for loan reimbursement, focusing on areas with significant workforce shortages or that provide considerable public benefits. The program stipulates a three-year maximum period for loan reimbursements, offering up to $6,000 annually depending on the applicant’s income level.
Participants are required to maintain New Jersey residency and remain current with their student loan payments. They must also annually provide proof of employment and income to HESAA. The state has allocated a budget of $10 million per year for this initiative.
HESAA is tasked with reporting program outcomes to the Governor and Legislature every three years, detailing participant numbers, employment fields, and financial disbursements.