Establishes Grow Your Own Teacher Loan Redemption Program in Higher Education Student Assistance Authority.

New Jersey's S 2582 establishes the Grow Your Own Teacher Loan Redemption Program through the Higher Education Student Assistance Authority. It repays up to $10,000 annually in student loan principal and interest for teachers who work full-time for five years in school districts designated as having a teacher shortage, specifically in the district where they graduated high school or where they resided for over five years. Participants must have graduated from or lived in a shortage district, hold a teaching position there, and maintain student loan debt. The program limits annual state spending to $500,000 and caps total repayment at $50,000 per participant over five years.