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 eligible loan expenses for participants employed at approved sites, with a maximum redemption of $120,000 for those at these sites and $100,000 for those at other locations. The bill also introduces a six-month probationary period for participants and outlines criteria for designating State underserved areas, while modifying the criteria for determining eligible sites and the ranking of underserved areas to focus on access to primary care and psychiatric services.

Additionally, the bill appropriates $10 million from the General Fund to support the program, emphasizing the importance of serving medically underserved populations and addressing the growing shortage of healthcare professionals in New Jersey. 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. The bill also maintains a provision that dedicates 25 percent of the funds annually appropriated for the program to the Nursing Faculty Loan Redemption Program, aiming to enhance access to essential health services for vulnerable populations in the state.

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