Dozens of Professionals Approved for Behavioral Healthcare Provider Loan Redemption Program Through Latest Round of Funding

HESAA Supports More than 550 Total Professionals with State-Funded Student Loan Redemption Programs Over Course of Murphy Administration

TRENTON -TheHigher Education Student Assistance Authority (HESAA) today announced that 34 mental health professionals were approved for the Behavioral Healthcare Provider Loan Redemption Program (BHP-LRP) following the latest round of applications, bringing the total number of participants to nearly 200 since the program launched in Fiscal Year 2023. Participants can earn up to $15​0,000 in student loan relief in exchange for providing behavioral healthcare services in New Jersey communities for up to six years, with the opportunity to receive an additional $5,000 each year in incentive grants for those working specifically with adolescents.

This program is part of the Murphy Administration's comprehensive efforts to address the shortage of behavioral and mental healthcare providers in New Jersey. Eligible professionals include, but are not limited to, licensed psychologists, board certified behavior analysts, licensed clinical alcohol and drug counselors, and psychiatrists working at approved sites operated by nonprofit organizations, educational institutions, and government agencies. A total of $19.6 million in funding has been committed for BHP-LRP participants to date.

The BHP-LRP is one of several ongoing student loan redemption programs administered by HESAA to incentivize participation in high-need and high-growth fields in the state, such as education, healthcare, and science. Many of these programs began or expanded under Governor Murphy to promote the success of New Jersey families and businesses.

"Student loan redemption programs are an incredibly valuable tool in both eliminating student debt and attracting qualified professionals to serve in high-need fields. I am pleased to see more graduates taking advantage of the Behavioral Healthcare Provider Loan Redemption Program and helping to bolster New Jersey's health workforce," said Governor Phil Murphy. "Over the course of my Administration, we have explored all avenues at our disposal to help grow critical workforces, and HESAA's ongoing student loan redemption programs have played an important role in our efforts to drive New Jersey forward."

"Under the leadership of Governor Murphy, hundreds of professionals were given the opportunity to receive student loan relief in exchange for serving in crucial positions in high-need fields," said HESAA Executive Director Margo Chaly, Esq. "I thank the Governor and Legislature for providing the necessary authorizations and funding for our team to grow these programs over the past several years. Student loan redemption programs alleviate the student loan debt of hard-working professionals and help more New Jersey residents access the services and support they need."

Between the first and last years of Governor Murphy's administration, the following number of professionals were accepted into each of the other student loan redemption programs that are wholly or partially funded by State appropriations:

• Primary Care Practitioner Loan Redemption Program: 57 participants, with a total of $6.6 million in State and federal funds committed on behalf of eligible primary care providers such as physicians, dentists, and certified nurse midwives serving for two to four years in areas facing health professional shortages;
• Nursing Faculty Loan Redemption Program: 37 participants, with over $1 million in State funds committed on behalf of licensed nurses teaching nursing courses at eligible institutions of higher education for up to five years to help address the shortage of nurses in our state;
• New Jersey STEM Loan Redemption Program: 6 participants, with a total of $24,000 in State funds committed on behalf of employees working in high-growth science, technology, engineering, and mathematics (STEM) occupations at New Jersey businesses that agree to match the State's contribution each year for up to four years; and
• New Jersey Teacher Loan Redemption Program: 260 participants, with a total of $4.5 million in State funds committed on behalf of pre-K through 12 teachers who teach high-need subjects such as math, world languages, and special education at eligible schools throughout New Jersey for up to four years.
  

For more information on each of the ongoing student loan redemption programs administered by HESAA, visit www.hesaa.org/Pages/LoanRedemptionPrograms.aspx .

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HESAA, the Higher Education Student Assistance Authority, is the only New Jersey state Authority with the sole mission of providing students and families with financial and informational resources for students to pursue their education beyond high school. For more information, visit https://www.hesaa.org . ​

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