The proposed bill establishes the "Succeed in New Jersey" student loan reimbursement program under the Higher Education Student Assistance Authority (HESAA) to assist recent college graduates who are New Jersey residents and employed in designated fields. The program aims to alleviate student loan debt by providing reimbursement awards to eligible applicants with outstanding federal or New Jersey student loans. To qualify, applicants must meet several criteria, including residency in New Jersey for at least three months, U.S. citizenship or eligible noncitizen status, an undergraduate degree obtained in or after December 2014, and an income not exceeding 500 percent of the federal poverty guidelines. The reimbursement can be awarded for a maximum of three years, with amounts determined based on income levels.

The bill also outlines the responsibilities of the Department of Labor and Workforce Development, which will designate up to five fields of employment that qualify for the program based on workforce needs or public benefit criteria. The reimbursement amounts are tiered based on income, with a cap of $10 million in total state expenditures per year for the program. Participants must maintain residency, stay current on loan payments, and provide annual documentation of employment and income to continue receiving benefits. Additionally, HESAA is required to report to the Governor and Legislature every three years on the program's participation and financial impact.