The proposed bill establishes a Veterinary Medicine Loan Redemption Program aimed at addressing the shortage of large animal veterinarians in New Jersey. This program, administered by the Higher Education Student Assistance Authority (HESAA), will provide loan redemption for eligible veterinarians who commit to working full-time for five years at an approved site located within or near designated veterinary underserved areas. The bill defines "approved site" and "State designated veterinary underserved area," and outlines the eligibility criteria for program participants, including residency and licensing requirements. Participants must dedicate at least 75% of their work to large animal veterinary care to qualify for loan redemption, which can cover up to 100% of eligible qualifying loan expenses, capped at $30,000 per year.

To support the program, the bill appropriates $500,000 annually from the General Fund to HESAA. It also includes provisions for nullifying service obligations in cases of a participant's death or total and permanent disability, ensuring that no repayment of redeemed loans is required in such circumstances. The bill aims to incentivize New Jersey residents who attend out-of-state veterinary schools to return and practice in areas with significant veterinary shortages, thereby enhancing veterinary services for large animal owners in the state. This initiative aligns with similar programs in other states and seeks to create a sustainable solution to the current veterinary care challenges in New Jersey.