NJ offers $50K student loan relief for certain workers

💲 NJ announced a new student loan redemption program

💲 It will benefit health care, behavioral health and social services professionals

💲 Eligible workers can receive up to $50,000 in loan relief

TRENTON — A new student loan redemption program supports home and community-based workers.

The program will benefit health care, behavioral health, and social services professionals serving those with medical needs, behavioral and/or mental health conditions, and disabilities.

The program will be funded by the Centers for Medicare and Medicaid Services and is part of a $100 million strategic investment by DHS in home and community-based services.

Under the new Home and Community-Based Services Provider Loan Redemption Program, eligible workers can receive up to $50,000 in loan relief in exchange for one year of service at an approved home and community-based services provider agency or as a self-directed employee.

“Uplifting our healthcare workers is mission-critical to delivering on the needs of New Jersey residents. This student loan redemption program further bolsters our home and community-based services workforce, and it is key in supporting qualified service providers to bring their skills and expertise to communities across the state,” Gov. Phil Murphy said.

He added that not only will this program relieve the financial burdens of the workforce, it will also build the capacity to deliver care in the community for more New Jerseyans.

“The new student loan redemption program will benefit caregivers who provide vital support to people with disabilities and with behavioral health needs, as well as older adults living in the community,” Human Services Commissioner Sarah Adelman said.

Professionals who are eligible to apply include psychiatrists, licensed psychologists, licensed social workers, licensed clinical social workers, psychiatric nurse mental health clinical specialists, board-certified behavior analysts, board-certified behavior analysts-doctoral, licensed clinical or certified alcohol and drug counselors, licensed professional and associate counselors, licensed or associate marriage and family therapists, DCF care managers, registered nurses, and licensed practical nurses. Self-directed employees are also eligible to apply.

To qualify for the student loan redemption program, an applicant must meet all of the following requirements

⚫ Be employed full-time in an eligible profession by a state-funded home and community-based provider agency

⚫ Maintain a current license/board certification, as applicable, to practice in New Jersey throughout participation in the program

⚫ Maintain employment at the state-funded home and community-based provider agency for at least one year

⚫ Not be in default on any eligible qualifying student loan

⚫ Not currently be participating in any other student loan redemption program or the federally administered National Health Service Corps Loan Repayment Program.

Provider agencies are encouraged to share information about this program with all eligible employees before July 1, when applications will open for 30 days. Eligible program participants who apply will be selected by October 1 on a first-come, first-serve basis.

For more information on the program and to apply, visit here.

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