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 in a State designated veterinary underserved area. The bill defines an "approved site" as one within a designated underserved area or within five miles of it, and it specifies that at least 75% of the veterinarian's work must focus on large animal veterinary care. Participants can receive up to 100% of their eligible qualifying loan expenses, capped at $30,000 per year, in exchange for their service.

To support the program, the bill appropriates $500,000 annually from the General Fund to HESAA. It also outlines eligibility criteria for participants, including being a resident of New Jersey and holding or being eligible for a veterinary license in the state. The bill includes provisions for nullifying service obligations in cases of death or total and permanent disability, ensuring that participants are not required to repay redeemed loans under such circumstances. This initiative is designed to incentivize veterinarians to practice in New Jersey, particularly in areas with significant shortages, thereby enhancing veterinary services for large animal owners in the state.