This bill establishes the Air Traffic Controller Loan Redemption Program within the Higher Education Student Assistance Authority (HESAA) to assist eligible air traffic controllers in repaying their student loans in exchange for service at approved sites. Participants must be residents of New Jersey, employed as air traffic controllers, and must submit an application to HESAA. The program allows for the redemption of qualifying student loan amounts, with a structured percentage of loan forgiveness based on the number of years of service, capped at a total of $100,000. Additionally, the bill creates a partnership program for public institutions of higher education to participate in the federal Air Traffic-Collegiate Training Initiative and establishes a Center for the Study of Unidentified Aerial Phenomena.

Furthermore, the bill allocates $3.5 million in appropriations, with $1 million designated for the Air Traffic Controller Loan Redemption Program and $2.5 million for grants to support aviation-related initiatives at public institutions. Institutions seeking to participate must demonstrate their involvement in the federal Unmanned Aircraft Systems Collegiate Training Initiative and outline plans for establishing relevant aviation degrees. If no four-year institution qualifies, county colleges may apply for grants, with funding amounts varying based on the type of institution. The overall aim of the bill is to address the shortage of trained air traffic controllers by incentivizing education and service in this critical field.