Workers Encouraged to Participate in STEM Student Loan Redemption Program

On Nov 15, 2024

Following the recent release of the Artificial Intelligence “AI” Task Force’s report on the comprehensive steps the Murphy administration is taking to make New Jersey ‘The Innovation State,’ the New Jersey Higher Education Student Assistance Authority (HESAA) is encouraging professionals in high-growth science, technology, engineering, and math (STEM) occupations, along with their employers, to explore the benefits of the New Jersey STEM Loan Redemption Program. As part of the administration’s efforts to bolster New Jersey’s growing innovation economy and promote advancements in STEM, the program incentivizes professionals to work in key STEM positions at New Jersey businesses by offering up to $8,000 in student loan redemption.

Under the New Jersey STEM Loan Redemption Program, the state matches an employer’s contribution of $1,000 per year for a total of $2,000 per year toward an approved employee’s student loan balance for a maximum of four years.

Eligible high-growth STEM occupations include biomedical engineers, physicists, geoscientists, software developers, environmental engineers, and statisticians, among others. This list will be updated every two years based on data from the United States Bureau of Labor Statistics, aligned with the State’s strategic economic development goals.

To participate, an applicant must be a New Jersey resident with a degree earned on or after December 14, 2018 from an approved STEM program at a New Jersey institution of higher education. The applicant must also have an outstanding balance of State or federal loans and have worked full-time in an approved high-growth STEM occupation at a New Jersey employer for a minimum of four years before applying.

“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,” said Gov. Phil Murphy. “By offering student loan redemption to employees in high-growth STEM occupations, we further strengthen our innovation economy and foster advancements in science, technology, and other areas that will benefit our society for years to come.”

“With this incentive program, we not only help dedicated professionals pay off their student loans, we also help New Jersey businesses recruit and retain top talent while building on our state’s ongoing workforce development initiatives,” said HESAA Executive Director Margo Chaly, Esq. “I strongly encourage both employers and employees throughout the state to learn more about how the New Jersey STEM Loan Redemption Program can benefit you.”

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