The bill establishes the Allied Health Care Professional Loan Redemption Program within the Higher Education Student Assistance Authority (HESAA) to assist allied health care professionals in repaying their student loans. Eligible participants must be residents of New Jersey, hold a degree or credential in an allied health care field, and agree to practice in that field. The program allows for the redemption of a portion of eligible qualifying loan expenses for each year of service, up to four years. Participants must enter into a contract with HESAA that outlines their service duration, the total amount of loan expenses to be redeemed, and a requirement to work full-time in their licensed profession for at least one year before receiving any loan redemption funds.

The bill also sets performance standards for participants and establishes a priority system for selecting applicants based on available funds. It allows participants to nullify their contracts under certain conditions, such as death or total permanent disability, and specifies that those already in other state or federal loan redemption programs are ineligible. HESAA is tasked with reporting annually on the program's effectiveness and its impact on the labor demand in allied health care fields. Additionally, the bill includes an annual appropriation from the General Fund to support the program's implementation.