Establishes Teaching Scholars Loan Redemption Program in Higher Education Student Assistance Authority.

S 2403 establishes New Jersey's Teaching Scholars Loan Redemption Program within the Higher Education Student Assistance Authority. The program covers tuition and fees for qualifying high school graduates pursuing teaching degrees in exchange for five years of full-time public school teaching in the state. To qualify, participants must be NJ residents, graduates of NJ high schools, and exhaust all other grants/scholarships before receiving loans (capped at $40,000 undergrad, $10,000 grad). In return, the state redeems up to $10,000 per year of service, totaling no more than $50,000 over five years, with eligibility requiring academic achievement and a formal service contract.