The bill establishes a Veterinary Medicine Loan Redemption Program aimed at addressing the shortage of large animal veterinarians in New Jersey. Administered by the Higher Education Student Assistance Authority (HESAA), the program will provide loan redemption for eligible veterinarians who commit to working full-time for five years at an approved site located within or near designated veterinary underserved areas. Participants must dedicate at least 75% of their work to large animal veterinary care and can receive up to 100% of their eligible qualifying loan expenses, capped at $30,000 per year. The bill also outlines the eligibility criteria for participants, including residency and licensing requirements, and specifies the conditions under which loan redemption will be granted.

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 will be required in such circumstances. An annual appropriation of $500,000 from the General Fund is designated to support the program. This initiative is designed to incentivize veterinarians to practice in New Jersey, particularly in areas experiencing shortages, thereby enhancing veterinary services for large animal owners in the state. The program is modeled after similar initiatives in other states and aims to create a sustainable solution to the veterinary care gap in New Jersey.