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 "approved site" and "State designated veterinary underserved area," and outlines the 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.

Additionally, the bill includes provisions for the nullification of 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 program is funded through an annual appropriation of $500,000 from the General Fund, with the intent to incentivize New Jersey residents who attend out-of-state veterinary schools to return and practice in areas experiencing shortages. This initiative is modeled after similar programs in other states and aims to enhance veterinary services for large animal owners in underserved regions of New Jersey.