Nursing professionals teaching future nurses at eligible institutions in New Jersey can now apply for up to $50,000 in student loan redemption under the newly expanded Nursing Faculty Loan Redemption Program offered by the Higher Education Student Assistance Authority (HESAA).
The goal is to help alleviate the ongoing nurse shortage in New Jersey by incentivizing qualified professionals to teach nursing students who will bolster the healthcare workforce in the Garden State. A total of $1.625 million is available for this round of the program. The application period for the Nursing Faculty Loan Redemption Program is open now through April 30.
Faculty with degrees from an approved graduate degree program can receive up to $10,000 in student loan redemption per year in exchange for teaching nursing courses at one or more eligible New Jersey institutions of higher education for up to five years, for a maximum total of $50,000. Redemption will be applied to a participant’s outstanding student loan balance at the end of each completed year of service.
While the Nursing Faculty Loan Redemption Program was previously only available to full-time faculty who were hired within one year of completing their approved graduate program on or after July 1, 2010, the newly expanded program is now open to professionals teaching three or more credits, regardless of when they were hired or obtained their degree.
“We must ensure healthcare settings throughout our state are equipped with the nurses they need to continue providing high-quality care to our residents,” said Gov. Phil Murphy. “The expanded Nursing Faculty Loan Redemption Program will encourage more nurses to train future cohorts of professionals who can help shore up our state’s nursing workforce.”
HESAA Executive Director Margo Chaly, Esq., said that boosting the ranks of qualified educators is key to alleviating the nursing shortage.
“By expanding eligibility for this beneficial student loan redemption program to more nursing faculty than ever before, we are making it more affordable for professionals to share their expertise in the classroom, even if they are only able to do so on a part-time basis,” Chaly said.
Nursing faculty teaching 24 or more credits during the academic year can receive up to $10,000 in student loan redemption, while part-time faculty teaching 18 to 23 credits can receive up to $8,000 and part-time faculty teaching three to 17 credits can receive up to $5,000 each year they participate in the program.
Interested professionals who meet all eligibility criteria, including being a resident of New Jersey and holding a valid New Jersey Registered Nursing License or New Jersey Nurse Licensure Compact, must submit all required documents with their application. Applicants will be scored based on the total number of credits they teach and how many of those credits are part of an eligible Registered Nursing program, the number of consecutive years teaching at the same institution, and the type of degree the applicant obtained via an approved graduate program.
Student loans must either be NJCLASS or federal student loans that were used to cover the cost of attendance at an approved graduate degree program to qualify for redemption under the program, and the applicant cannot be in default on any of their student loans.
To learn more and apply for a student loan redemption, visit: www.hesaa.org/Pages/NFLRP.aspx
