Establishes loan redemption program for certain bilingual education teachers.

This bill creates a program through New Jersey's Higher Education Student Assistance Authority to reduce student loan debt for bilingual and English as a second language (ESL) teachers. Eligible teachers working at public schools where at least 10% of students are enrolled in bilingual/ESL programs can have up to $20,000 of their student loan debt reduced over four years - 25% per year (capped at $5,000 annually). Priority is given to teachers at "low performing" schools (defined by student assessment data), and teachers aren’t required to stay at the same school for the full four years. The program requires teachers to be New Jersey residents and execute a contract with the Authority, with options to cancel the contract under specific circumstances like disability or death.