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, contingent upon the participant entering into a contract with HESAA that outlines service duration and loan redemption amounts. Participants must also adhere to performance standards set by the executive director of HESAA.

The bill includes provisions for selecting program participants based on established eligibility criteria and a priority system if funds are limited. It allows participants to nullify their contracts under certain conditions, such as death or total permanent disability, and requires them to assume responsibility for loan repayment if they choose to nullify before completing two years of service. Additionally, individuals participating in other state or federal loan redemption programs are ineligible for this program. HESAA is tasked with reporting annually on the program's effectiveness and its impact on the allied health care workforce in New Jersey. The bill also includes an annual appropriation from the General Fund to support the program's implementation.