The bill revises the existing Primary Care Practitioner Loan Redemption Program, renaming it the Health Care Professional Loan Redemption Program and expanding eligibility criteria to include a broader range of health care professionals, such as psychiatrists. It allows for the redemption of qualifying loan expenses for participants employed at approved sites, with a maximum of $120,000 for those at these sites and $100,000 for others. The bill introduces a six-month probationary period for participants and establishes criteria for designating State underserved areas, while also modifying the criteria for determining eligible sites and the ranking of underserved areas.

Additionally, the bill appropriates $10 million to support the program and ensures that at least 40 percent of available funds in a program year are reserved for participants employed at approved sites. It maintains the existing law that allocates 25 percent of the funds annually to the Nursing Faculty Loan Redemption Program. By broadening the program's scope and increasing funding, the bill aims to address the anticipated shortage of primary care physicians and other medical specialists in New Jersey, ultimately improving access to essential medical care for residents in underserved communities.

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