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As part of a statewide effort to address the ongoing nurse shortage, New Jersey is offering up to $50,000 in student loan relief to nursing faculty.

The issue of the nurse shortage is a major one here in the Garden State, as NJBIZ has previously reported. New Jersey already faces a nursing deficit. And the local situation is projected to balloon to one of the highest rates nationally in the next decade.

Higher Education Student Assistance Authority administers the Nursing Faculty Loan Redemption Program. The initiative provides annual loan redemption to qualified professionals who teach nursing courses at eligible New Jersey colleges and universities.

“Like other workforce development programs administered by HESAA, the Nursing Faculty Loan Redemption Program encourages professionals to serve in high-need fields through targeted incentives,” said HESAA acting Executive Director Jerry Traino.

Key details about the Nursing Faculty Loan Redemption Program include:

• Offers full- and part-time faculty with degrees from approved graduate programs up to $10,000 per year in loan forgiveness for up to five years. Participants can receive a maximum total of $50,000. HESAA applies payments to outstanding student loan balances after each completed year of service
• Teaching load determines the annual awards:
  • Faculty teaching 24 or more credits per academic year may receive up to $10,000.
  • Those teaching 18–23 credits may receive up to $8,000 annually
  • Instructors teaching three to 17 credits may receive up to $5,000 each year
• Eligible applicants must be New Jersey residents, hold a valid New Jersey RN license or Nurse Licensure Compact credential, teach at an eligible institution, as well as not be in default on any student loans
• NJCLASS and federal student loans used to pay for approved graduate nursing programs qualify for redemption
• Applications are evaluated based on:
  • Credits taught
  • The share of credits within eligible registered nursing programs
  • Consecutive years of service at the same institution
  • Degree type

A total $825,000 is available in funding for this round of the program.

“Addressing workforce shortages with innovative solutions is key to ensuring the success of our communities and our state as a whole,” said Gov. Mikie Sherrill. “By alleviating the student loan debt of faculty members who agree to teach aspiring nurses, this program helps close gaps in New Jersey’s nursing workforce so more residents can access the health care they need.”

Traino added, “Supporting nursing faculty in exchange for teaching, whether full- or part-time, helps ensure more students across our state can access the education and training needed to enter our state’s nursing workforce.”