The bill establishes the New Jersey Student Teacher Scholarship Program within the Higher Education Student Assistance Authority, aimed at reducing financial barriers to teacher certification. Under this program, scholarships of up to $7,200 will be awarded to eligible students for each semester of full-time clinical practice completed in a school in New Jersey. To qualify for the scholarship, applicants must be state residents, enrolled full-time in an approved program of study, and meet any additional requirements set by the authority in coordination with the Department of Education. The program will also allow for the collection of data to assess its effectiveness, including participant demographics and experiences.

The bill outlines specific conditions under which a student's scholarship may be terminated, such as dismissal from the institution for academic or disciplinary reasons, or withdrawal due to illness or family emergencies, in which case repayment of the scholarship would not be required. The authority is tasked with establishing an application process within 90 days of the bill's enactment and ensuring that the program is operational for the first full academic year following its effective date.