Nursing educators in New Jersey now have an opportunity to alleviate their student loan burdens while addressing a statewide nurse shortage. The Higher Education Student Assistance Authority (HESAA) has extended eligibility for the Nursing Faculty Loan Redemption Program. This initiative allows qualified nursing faculty to apply for loan redemption of up to $50,000.
With a goal to enhance the healthcare workforce, the program has allocated $1.625 million for this round. Eligible faculty can receive up to $10,000 per year in loan redemption by teaching nursing courses at New Jersey institutions for up to five years.
Previously restricted to full-time faculty hired within a year of completing their graduate program post-July 1, 2010, the program now includes professionals teaching a minimum of three credits, regardless of hire date or degree completion timing.
Governor Phil Murphy expressed the importance of the program, stating, “We must ensure healthcare settings throughout our state are equipped with the nurses they need to continue providing high-quality care to our residents.” He added that the program expansion 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 highlighted the significance of expanding the program. “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 noted.
The program offers financial incentives based on the number of credits taught. Faculty teaching 24 or more credits annually can receive up to $10,000, while those teaching 18 to 23 credits can get $8,000, and those teaching three to 17 credits are eligible for $5,000 each year.
Applicants must meet various criteria, including being a New Jersey resident and holding a valid New Jersey Registered Nursing License or New Jersey Nurse Licensure Compact. Loan redemptions apply to NJCLASS or federal student loans used for approved graduate programs, excluding those in default.
More information and applications are available at www.hesaa.org/Pages/NFLRP.aspx.
