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Nursing Faculty Loan Redemption Program

The Nursing Faculty Loan Redemption Program aims to address New Jersey’s critical nursing shortage by offering student loan redemption to encourage qualified professionals to teach new cohorts of nursing students. In exchange for teaching nursing courses full- or part-time at one or more eligible New Jersey institutions of higher education, participants can earn student loan redemption over five years, following completion of an approved graduate degree program.

Over the course of five consecutive years, participants can receive up to $10,000 per year in student loan redemption toward the principal and interest accrued on eligible student loans. Redemption amounts are based on faculty status:

  • Up to $10,000 per year for full-time faculty employment (teaching 24 or more credits)
  • Up to $8,000 per year for part-time faculty employment (teaching 18 to 23 credits)
  • Up to $5,000 per year for part-time faculty employment (teaching 3 to 17 credits)
Eligibility

To qualify, applicants must meet all of the following requirements:

  • Be a resident of the State of New Jersey and maintain domicile in the State throughout participation in the program;
  • Hold a valid New Jersey Registered Nursing License or New Jersey Nurse Licensure Compact;
  • Have already completed and earned a degree from an approved graduate degree program. Eligible programs are:
    • Master of Science in Nursing (MSN)
    • Doctor of Nursing Practice (DNP)
    • Doctor of Nursing Science (DNS)
    • Doctor of Philosophy (PhD) in Nursing
    • Doctor of Philosophy (PhD) in Another Related Field of Study
  • Have maintained a GPA of 3.0 or higher on a scale of 4.0, or its equivalent, while enrolled in an approved graduate degree program;
  • Have an outstanding balance on NJCLASS and/or federal student loans used to cover the cost of attendance at an approved graduate degree program, and not be in default on any student loan.

Fiscal Year 2025 Overview

A total of $1.625 million is available for the Fiscal Year 2025, and the funds will be distributed among selected participants in the Nursing Faculty Loan Redemption Program.

Once the application period closes, HESAA will review applications and select participants based on the following criteria, weighted as follows:

  • Total number of credits taught at the eligible institution(s) in the current year (July 1, 2024 to June 30, 2025) (50%)
  • Total number of credits taught in an eligible Registered Nursing program (25%)
  • Number of consecutive years (July 1- June 30) teaching at the same institution (20%)
  • Type of degree obtained via an approved graduate program (5%)

The application period is currently open through April 30, 2025.

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Eligible Institutions Questions & Answers Employer Certification

Required Documents

Applicants are required to submit the following documents as part of their application:

  • Transcript(s) from each school attended to earn their MSN, DNP, DSN, or PhD
  • Current New Jersey Nursing License or New Jersey Nurse Licensure Compact
  • Employer Certification Form(s)
  • Employment Contract(s)
  • Student Loan Summary: Detailed documentation of eligible student loans, including the lender’s name, current balance, account number(s), and loan disbursement dates
  • New Jersey State-Issued ID