Through the New Jersey Primary Care Practitioner Loan Redemption Program, health care professionals who have completed their graduate training/residency program may apply for NJLRP. Primary care providers must agree to provide primary health care services at an NJLRP approved placement site for a minimum of two years (maximum four years). Read on to see eligibility requirements, award amounts, and application process for the New Jersey Primary Care Practitioner Loan Redemption Program.
To be eligible for participation in the Primary Care Practitioner Loan Redemption Program of New Jersey (NJLRP), provider applicants:
- Must have completed graduate training/ residency program under the following disciplines and primary care specialties:
Disciplines Specialties Physicians
- Internal Medicine
- Family Practice
- Pediatric Dentist
- General Dentist
Certified Nurse Practitioners
- Family Nurse Practitioner
- Primary Ambulatory Care Nurse Practitioner
- Primary Healthcare Adult Nurse Practitioner
- Pediatric Nurse Practitioner
- Obstetrics/Gynecology or Women’s Health Nurse Practitioner
Certified Nurse Midwives
Certified Physician Assistants
- Internal Medicine
- Family Practice
- Must be a resident of New Jersey
- Must maintain a current license to practice in the State of New Jersey
- Must agree to practice primary care on a full-time basis for a minimum of two years at an NJLRP approved site
- Must have outstanding medical/ dental/ graduate school qualifying educational loans
- Must be free of judgments or defaults on qualifying educational loans
- Cannot simultaneously participate in the federally administered U.S. Department of Health & Human Services National Health Service Corps while participating in the NJLRP
What is the award amount?
Through the New Jersey Primary Care Practitioner Loan Redemption Program, qualifying applicants may be eligible for up to $120,000 towards their student loan debt over a four year period for their services. See a breakdown of this program below:
- The Primary Care Practitioner Loan Redemption Program of New Jersey (NJLRP), provides loan repayment to program participants for outstanding qualifying educational loans incurred while in medical, dental or professional graduate school. Qualifying educational loans are government and commercial loans for actual costs paid for tuition and eligible expenses towards a graduate health profession program.
- Undergraduate education loans are not eligible for loan redemption.
- At the end of each full year of service, approved NJLRP participants are eligible for loan repayment as follows:
- 18% of the outstanding loan balance up to $21, 600 for the first full year of service
- 26% of the outstanding loan balance up to $31,200 for the second full year of service
- 28% of the outstanding loan balance up to $33,600 for the third full year of service
- 28% of the outstanding loan balance up to $33,600 for the fourth full year of service
- For a total of $120,000, the maximum loan repayment over a four year period of service
- All loan repayments must be used to repay the approved qualifying educational loans while enrolled in the program.
- Loan repayments will not be made on a pro-rata basis for completion of less than a full year of service.
- Loan repayments made under the NJLRP are tax-free for Federal taxes for health professionals working in underserved areas based on the Expanded Tax Benefit for Health Professionals Working in Underserved Areas created by the Affordable Care Act of 2010.
- Loan repayments made under the NJLRP remain as State taxable income.
- The NJLRP strongly recommends that participants seek the assistance of a tax professional regarding tax laws as it relates to loan repayments.
For more information head over to their official program page.
How to apply?
Applications for both providers and placement sites are accepted on a rolling basis. There are no deadlines to submit applications. For more information click provider application and placement site application.
For more information regarding this program head to the following link.