The bill establishes the New Jersey Talent Retention Loan and Loan Redemption Program within the Higher Education Student Assistance Authority (HESAA) to retain talented students in the state by providing financial assistance for their education. Eligible students can receive loans of up to $10,000 per year, with a maximum of $40,000 for baccalaureate programs and $20,000 for associate programs. In exchange for these loans, students must agree to work for a participating New Jersey company for up to four years after graduation. The program is funded through contributions from these companies, which are also incentivized with tax credits equal to 50% of their contributions to the loan fund.

Employers that contribute to the loan fund can select students from a qualified applicants list based on their contribution amounts, ensuring that those who contribute more have priority in selecting candidates. The bill outlines the eligibility criteria for students, including residency requirements and academic merit standards, and establishes a process for loan redemption based on employment duration with the contributing companies. If a participant does not secure employment within 18 months of graduation, they must begin repaying the loan. The program aims to foster a skilled workforce in New Jersey by linking education funding directly to employment opportunities within the state.