New Jersey Senate Bill S3887 Comm Sub / Analysis

                    STATEMENT TO 
 
SENATE, No. 3887 
 
with Senate Floor Amendments 
(Proposed by Senator RUIZ) 
 
ADOPTED: JUNE 26, 2023
 
 Senate Bill No. 3887 revises the NJCLASS Teacher Loan 
Redemption Program. 
 These Senate floor amendments: 
 rename the program as the “New Jersey Teacher Loan 
Redemption Program”; 
 extend loan redemption to eligible federal and commercial 
student loans; 
 define qualifying student loan amounts; 
 specify that a teacher is required to be hired as a teacher in a 
public school within one year of applying to the program; 
 clarify that a program participant is to remain eligible for loan 
redemption under the contract in the same tier at which the 
program participant entered the contract in certain 
circumstances; 
 require the Higher Education Student Assistance Authority to 
include the loan redemption amount of each program 
participant, disaggregated by type of student loan in the 
authority’s annual report to the Governor and to the 
Legislature; 
 remove the $1,000,000 appropriation cap; 
 permit the Legislature to appropriate additional funds to the 
program; and 
 make various technical changes.