To address the critical shortage of behavioral healthcare providers, the Behavioral Healthcare Loan Redemption program offers loan redemption to eligible providers in exchange for up to six years of service. Eligible behavioral healthcare providers includes psychiatrists, licensed psychologists, licensed clinical social workers, psychiatric nurse mental health clinical specialists, board certified behavior analysts, licensed clinical alcohol and drug counselors, and licensed professional counselors.
Subject to appropriation, the program will provide up to $50,000 to redeem an eligible participant’s cumulative outstanding student loan balance in exchange for every two full years of service at an approved site, for a total of $150,000 in loan redemption in exchange for up to six years of service. Approved sites are community providers of behavioral and mental health services located in New Jersey, including community providers operated by a nonprofit organizations, institutions of higher education, school districts, municipalities, county governments, State agencies, and the federal government. In addition, program participants who work primarily with children or adolescents are eligible to receive up to six individual incentive grants that shall not exceed $5,000 annually. Funding for this program is subject to state appropriations and available funding.
To qualify for loan repayment assistance, an applicant must meet all of the following requirements:
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