18A:71C-94 Air Traffic Controller Loan Redemption Program.
296 words·~1 min read·
/nj/title-18a/chapter-71c/18a-71c-94A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
2. a. There is established the Air Traffic Controller Loan Redemption Program within the Higher Education Student Assistance Authority. The program shall provide for the redemption of a portion of the qualifying student loan amounts of a program participant for each period of service at an approved site.
b. To be eligible to participate in the program, an applicant shall:
(1)be a resident of the State; and
(2)be employed as an eligible air traffic controller at an approved site.
c. The executive director, or the executive director’s designee, shall select the program participants from among those applicants who meet the eligibility criteria, subject to available funds.
d. The program participant shall enter into a written contract with the authority to participate in the program. The contract shall specify the duration of the program participant’s required service and the total amount of qualifying student loan amounts to be redeemed by the State in return for service.
e. The redemption of qualifying student loan amounts under the program shall amount to 16 percent of the program participant’s qualifying student loan amounts in return for one full year of service at an approved site, up to $16,000, an additional 26 percent for a second full year of service, up to $26,000, an additional 28 percent for a third full year of service, up to $28,000, and an additional 30 percent for a fourth full year of service, up to $30,000. Total redemption of qualifying student loan amounts under the program shall not exceed $100,000.
f. The period of service shall commence on or after the date of enactment of P.L.2025, c.269 (C.18A:71C-93 et al.).
g. No amount of qualifying student loan amounts shall be redeemed for services performed for less than a full year.
L.2025, c.269, s.2.