The bill establishes the Reproductive Health Care Professional Loan Redemption Program within the Higher Education Student Assistance Authority (HESAA) to address the increasing costs of education for health care professionals and the shortage of reproductive health care providers in New Jersey. It appropriates $5 million to fund the program, which will allow eligible reproductive health care professionals to have a portion of their student loans redeemed in exchange for service at approved sites providing reproductive health care services, including abortion care. To qualify, applicants must be residents of New Jersey, employed as licensed reproductive health care professionals, and submit an application as determined by the executive director of HESAA. Preference will be given to those working in counties with a shortage of such professionals.

The loan redemption structure is tiered, offering 18% of qualifying student loan amounts for one year of service, with increasing percentages for subsequent years, capping total redemptions at $200,000. The bill also includes provisions for nullifying contracts in cases of death, total disability, or extreme hardship, and specifies that individuals participating in other federal or state loan repayment programs are ineligible for this program. The authority is tasked with adopting necessary regulations to implement the program effectively.