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, possession of an undergraduate degree obtained in or after December 2014, and employment in a field designated by the Department of Labor and Workforce Development. The program will reimburse a portion of the applicants' student loan payments for a maximum of three years, with the reimbursement amount determined by a sliding scale based on income.

The Department of Labor and Workforce Development will identify up to five eligible fields of employment that either have an unmet workforce need or provide a public benefit. The reimbursement awards will be capped at $10 million per year, with specific amounts allocated based on the applicant's income level. Participants must maintain residency in New Jersey, stay current on their student loan payments, and provide annual documentation of their 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.