The proposed bill establishes a Veterinary Medicine Loan Redemption Program aimed at addressing the shortage of large animal veterinarians in New Jersey. This program, administered by the Higher Education Student Assistance Authority (HESAA), will provide loan redemption for eligible veterinarians who commit to working full-time for five years at an approved site located within or near designated veterinary underserved areas. To qualify, participants must be residents of New Jersey and licensed or eligible to be licensed as veterinarians. The program stipulates that at least 75% of their work must focus on large animal veterinary care, with a maximum loan redemption of 100% of eligible qualifying loan expenses, capped at $30,000 per year.

The bill also outlines the administrative framework for the program, including the establishment of performance standards for participants and provisions for nullifying service obligations in cases of death or total and permanent disability. An annual appropriation of $500,000 from the General Fund is designated for the program, which aims to incentivize veterinary school graduates to practice in New Jersey, particularly in areas experiencing a shortage of large animal veterinary services. This initiative is modeled after similar programs in other states and seeks to enhance veterinary care for large animal owners in underserved regions of New Jersey.