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 Department of Labor and Workforce Development will designate up to five fields of employment that qualify for the program, focusing on areas with unmet workforce needs or that provide public benefits.

Loan reimbursement awards will be determined based on income levels, with a maximum of $6,000 per year for those earning up to 300 percent of the federal poverty guidelines, decreasing to $2,000 for those earning between 400 and 500 percent. The total state expenditure for the program is capped at $10 million annually. 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 effectiveness, including participant statistics and total reimbursement amounts.