The bill establishes the New Jersey County College Remissible Student Loan Program, which will be administered by the Higher Education Student Assistance Authority. This program aims to provide loans to eligible students to cover the remaining costs of tuition, approved educational fees, and textbooks that are not covered by grants or scholarships. Notably, loans will be fully forgiven if the student completes an associate degree program within three academic years. To qualify for a loan, applicants must be U.S. citizens or legal residents, state residents, enrolled at least part-time in a county college, and have applied for all available financial aid.

Additionally, the bill outlines provisions for loan discharge in the event of the borrower's death or total and permanent disability, as well as deferment options for temporary disabilities. It establishes the New Jersey County College Remissible Student Loan Program Fund, which will receive an appropriation of $1 million from the General Fund to support the program. The fund will consist of various sources of revenue, including appropriated funds, private contributions, repayments, and investment returns, and will be used to facilitate loans and cover administrative costs.