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 an "approved site" as one within a designated area or within five miles of it, and specifies that at least 75% of the veterinarian's work must focus on large animal veterinary care. Participants can receive up to 100% of their eligible qualifying loan expenses, capped at $30,000 per year, provided they meet the program's requirements.

To support the program, the bill appropriates $500,000 annually from the General Fund to HESAA. It also outlines the eligibility criteria for participants, including being a resident of New Jersey and holding or being eligible for a veterinary license in the state. In cases of a participant's death or total and permanent disability, the service obligation will be nullified, and no repayment of redeemed loans will be required. The bill aims to incentivize veterinarians to practice in underserved areas, thereby enhancing veterinary services for large animal owners in New Jersey.