The bill establishes the Reproductive Health Care Professional Loan Redemption Program within the Higher Education Student Assistance Authority (HESAA) to address the growing need for reproductive health care services in New Jersey. It aims to alleviate the financial burden of student loans for health care professionals who provide reproductive health care services, including abortion, at approved sites such as nonprofit organizations, hospitals, and clinics. The program will redeem a portion of qualifying student loans in exchange for service at these sites, with redemption rates set at 18% for the first year, 26% for the second, and 28% for the third and fourth years, up to a maximum of $200,000.

To participate, applicants must be New Jersey residents, employed as licensed reproductive health care professionals at approved sites, and submit an application as determined by the executive director of HESAA. The bill prioritizes applicants from counties facing a shortage of reproductive health care providers. Additionally, it specifies that participants in other loan redemption programs, such as the National Health Service Corps Loan Repayment Program, are ineligible for this program. The bill appropriates $5 million from the General Fund to support its implementation.