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 submit an application to HESAA. The program offers a tiered loan redemption structure, allowing participants to redeem up to 16% of their qualifying student loan amounts for one year of service, increasing to a total of 100% over four years, with a maximum redemption limit of $100,000.

Additionally, the bill creates a grant program within the Office of the Secretary of Higher Education to support public institutions of higher education in participating in the federal Air Traffic-Collegiate Training Initiative and establishing a Center for the Study of Unidentified Aerial Phenomena. Institutions must apply and demonstrate their capacity to support these initiatives, with grants up to $2.5 million for four-year institutions and $1 million for county colleges if no four-year institutions qualify. The bill appropriates $3.5 million to fund these programs, aiming to address the shortage of trained air traffic controllers in New Jersey and nationwide.