The bill establishes a loan redemption program within the Higher Education Student Assistance Authority specifically for public school teachers who work in bilingual education or English as a second language programs. To qualify, participants must be New Jersey residents and enter into a contract with the authority. The program prioritizes teachers employed at low-performing public schools, which include traditional, charter, and renaissance schools. Participants can redeem 25 percent of their eligible student loan expenses, up to $5,000, for each consecutive year of full-time teaching in a qualifying program, with a maximum redemption of $20,000 over four years. Notably, participants are not required to remain at the same school for the entire four-year period.

Additionally, the bill mandates the authority to maintain an updated list of low-performing schools on its website and requires annual reporting to the Governor and Legislature regarding the program's effectiveness, including participant statistics and its impact on filling teaching vacancies. The program also includes provisions for participants to nullify their contracts under certain circumstances, such as death or total disability, relieving them of their service obligations.