2. a. There is established a STEM Loan Redemption Program within the Higher Education Student Assistance Authority. The program shall provide $1,000 to program participants for each year of employment in a designated high-growth STEM occupation, up to a maximum of four years, for the redemption of a portion of their eligible qualifying loan expenses.

b. The designated high-growth STEM occupations for the initial two years of the program are:

(1) Operations research analyst;

(2) Statistician;

(3) Mathematician;

(4) Software developer, applications;

(5) Web developer;

(6) Computer systems analyst;

(7) Biomedical engineer;

(8) Computer and information systems manager;

(9) Geological and petroleum technician;

(10) Geoscientist, except hydrologist and geographer;

(11) Environmental engineer;

(12) Hydrologist;

(13) Actuary;

(14) Software developer, systems software;

(15) Physicist; and

(16) Biochemist and biophysicist.

c. Every two years the authority, in consultation with the Department of Labor and Workforce Development, shall identify high-growth STEM occupations that will qualify under the program. The occupations identified shall be ones with projected growth in New Jersey of at least 10 percent, based on the most recently reported data from the United States Bureau of Labor Statistics or occupations the authority reasonably deems important to the State‘s strategic economic development goals. Medical doctor and teaching profession shall not be included as designated high-growth STEM occupations.

L.2018, c.142, s.2.