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 (A 3330) creates a program to help New Jersey teachers reduce their student loan debt. It allows teachers who borrowed under the NJCLASS program to have 10% of their loan principal and interest paid by the state for each full year they work as a teacher in a New Jersey public or nonpublic school. To qualify, teachers must be NJ residents, have initially been hired as teachers after the bill takes effect, and sign a contract committing to a specific number of service years. The program requires full school-year service each year to earn the 10% reduction, with debt reduction applied annually after proof of employment is submitted.