S 3105 New Jersey Senate · 2024-2025 Regular Session

Establishes "Succeed in New Jersey" student loan reimbursement program for certain New Jersey residents employed in designated fields.

S 3105 establishes the "Succeed in New Jersey" program to help New Jersey residents with student loan debt by reimbursing a portion of their payments. It targets recent college graduates (since December 2014) who live in New Jersey, work full-time in one of five designated fields (chosen for unmet workforce needs or public benefit in low-wage sectors), and earn under 500% of the federal poverty level. Reimbursement amounts range from $2,000 to $6,000 annually based on income, with a maximum $10 million annual state cost and a three-year benefit limit. Participants must maintain NJ residency, stay current on loans, and submit annual proof of employment and income. The program requires annual reports tracking participants, fields of employment, and total spending.
Bill status in committee 1 of 4 stages cleared
Introduction
Apr 2024
Committee Review
Floor Vote
Governor
Introduced Apr 15, 2024 Last action Apr 15, 2024
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Apr 15, 2024
Introduced
Introduced in the Senate, Referred to Senate Higher Education Committee
upper
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Nilsa Cruz-Perez
Nilsa Cruz-Perez
DDemocratic
NJ
5