The bill amends the existing Primary Care Practitioner Loan Redemption Program, renaming it the Health Care Professional Loan Redemption Program and expanding eligibility criteria to include psychiatrists and other health care professionals designated by the Commissioner of Health. It allows for the redemption of qualifying loan expenses for participants employed at approved sites, with a maximum redemption of $120,000 for those at these sites and $100,000 for others. The bill also establishes a six-month probationary period for participants and outlines their responsibilities, as well as those of the administering authority. Notably, it removes the requirement for participants to be employed at an approved site while ensuring that at least 40 percent of available funds in a program year are reserved for those who are.

To support the program, the bill appropriates $10 million from the General Fund to the Higher Education Student Assistance Authority (HESAA) and maintains a provision that dedicates 25 percent of the funds annually to the Nursing Faculty Loan Redemption Program. The amendments aim to address the projected shortage of healthcare professionals in New Jersey, particularly in underserved areas and health professional shortage areas, thereby enhancing access to essential medical care for residents as the demand for services increases with an aging population.

Statutes affected:
Introduced: 18A:71C-36.1, 18A:71C-46.1, 18A:71C-58, 18A:71C-65