A bill to establish a student loan reimbursement program for nurses who agree to become educators in New Jersey is making its way through the New Jersey Legislature.

On Dec. 11, the Senate Budget and Appropriations Committee unanimously approved bill S626, which would establish the Nursing Faculty Loan Redemption Program within the state's Higher Education Student Assistance Authority. The program would pay for graduate degree coursework in exchange for full-time employment as nurse faculty in the state.

To be eligible, a nurse must live in New Jersey; have obtained an MSN, DNS, DNP, or PhD in nursing within one year of being hired into a full-time faculty position after the bill is enacted; and have maintained a grade point average of 3.0 or higher in the graduate nursing program.

The Budget and Appropriations Committee approved an amendment to the bill that allocates 25% of the existing loan redemption program for physicians and dentists to the nursing faculty loan redemption program. For fiscal year 2009, therefore, up to $500,000 would be available to reimburse nurse faculty, if the bill is passed.

The bill now goes to the full Senate for consideration.