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 providing services at approved sites that offer reproductive health care, including abortion services. The program aims to incentivize professionals to work in areas facing a shortage of such services, particularly in light of recent restrictions on abortion access in other states.

To participate in the program, applicants must be residents of New Jersey, employed as licensed reproductive health care professionals at approved sites, and submit an application. The loan redemption structure is tiered, offering 18% of qualifying student loans for one year of service, increasing to a total maximum redemption of $200,000 over four years. Additionally, the bill specifies that individuals participating in other federal or state loan repayment programs are ineligible for this program. The executive director of HESAA will oversee the selection of participants and the implementation of the program's regulations.