Establishes loan redemption program for teachers to redeem loan amounts received under the New Jersey College Loans to Assist State Students Loan Program through employment in public or nonpublic schools in New Jersey.

This bill establishes the NJCLASS Teacher Loan Redemption Program, allowing teachers who borrowed under New Jersey's College Loans to Assist State Students (NJCLASS) program to reduce their debt by teaching in New Jersey schools. For each full year of service as a teacher in a public or nonpublic school in New Jersey, 10% of the loan's principal and interest is redeemed by the state. To qualify, participants must be New Jersey residents, have received NJCLASS loans as undergraduates, and sign a service contract for a specified number of years. The program requires full school-year teaching to earn redemption, with annual proof of employment needed to process each year's reduction.