New Jersey Statutes Title 18A. Education 18A § 71C-55.1

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.

As 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.

b. No 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.