New Jersey Statutes Title 18A. Education 18A § 71C-89

a. To be eligible to participate in the program, an applicant shall:

b. The executive director, or the executive director's designee, shall select the program participants from among those applicants who meet the eligibility criteria, subject to available funds.

c. A program participant shall enter into a written contract with the authority to participate in the program. The contract shall specify the duration of the applicant's required service and the total amount of eligible student loan expenses to be redeemed by the State in return for service.

d. The redemption of loans under the program shall not exceed $50,000 of principal and interest of eligible student loan expenses following the completion of two full years of service satisfactorily completed by the program participant. A program participant who completes four full years of service satisfactorily shall be eligible to receive a second redemption amount of $50,000 at the completion of the fourth year. A program participant who completes six full years of service satisfactorily shall be eligible to receive a third and final redemption amount of $50,000 at the completion of the sixth year. The total loan redemption amount for a program participant, for six years of service, shall not exceed $150,000.

e. The period of service shall commence on or after the date of enactment of this act  1.