This bill mandates that employers in New Jersey who qualify under the federal Public Service Loan Forgiveness Program (PSLF) must inform their employees about the program during the explanation of benefits at the start of employment. Specifically, employers are required to notify employees about their potential eligibility for the PSLF program and outline the necessary requirements for qualification. These requirements include being employed by a qualifying employer, working at least 30 hours per week or meeting the employer's definition of full-time work, having a balance with the William D. Ford Federal Direct Loan Program or consolidating federal student loans into a Direct Loan, repaying loans under an income-driven repayment plan, and making 120 monthly payments.

The bill aims to ensure that employees are well-informed about the PSLF program and its eligibility criteria, thereby facilitating access to loan forgiveness for those who qualify. It is designed to take effect immediately upon enactment.