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

This bill creates the Grow Your Own Teacher Loan Redemption Program to help new teachers reduce student loan debt by working in school districts with teacher shortages. It targets graduates of high schools in shortage districts (or those who lived in such districts for over five years) who become certified teachers there, with eligibility requiring NJ residency, a valid teaching job, and eligible student loans. For each full year of teaching in a qualifying district, the program redeems up to $10,000 of loan principal and interest, capping total redemption at $50,000 over five years, with annual program spending limited to $500,000. Participants must sign a five-year contract to teach in the designated district and submit annual employment verification.