The New Jersey Higher Education Student Assistance Authority (HESAA) is urging professionals in high-growth STEM fields and their employers to consider the New Jersey STEM Loan Redemption Program. This initiative is part of the Murphy Administration's strategy to enhance the state's innovation economy by offering up to $8,000 in student loan redemption for those working in key STEM roles within New Jersey businesses.
Governor Phil Murphy stated, "New Jersey's legacy of innovation continues to grow as we support the ingenuity and skill of visionary entrepreneurs and a robust talent pool of STEM professionals." He emphasized that the program aims to strengthen the state's innovation economy and advance science and technology sectors.
Margo Chaly, Esq., Executive Director of HESAA, highlighted the dual benefits of this program: aiding professionals with student loans while helping local businesses attract and retain top talent. She encouraged participation from both employers and employees across New Jersey.
The program matches an employer's annual contribution of $1,000 toward an employee's student loan balance, providing a total benefit of $2,000 per year for up to four years. Eligible professions include biomedical engineers, physicists, geoscientists, software developers, environmental engineers, statisticians, among others. The list is updated biennially based on data from the United States Bureau of Labor Statistics.
Applicants must be New Jersey residents who graduated from an approved STEM program at a state institution after December 14, 2018. They must also have an outstanding state or federal loan balance and have worked full-time in an eligible occupation for at least four years before applying.
This initiative is part of broader efforts by the Murphy Administration to foster growth in New Jersey's STEM industries through various programs and partnerships. More information about the program can be found at www.hesaa.org/Pages/NJSTEMLRP.aspx.
