The bill establishes the Large Animal Veterinarian Loan Redemption Program within the Higher Education Student Assistance Authority (HESAA) to assist veterinarians who practice in State-designated underserved areas in New Jersey. The program allows participants to redeem a portion of their eligible student loan expenses for each year of service in these areas, with a contract required for a three-year commitment. The bill defines various categories of large animal veterinarians based on their hours of practice and outlines the redemption amounts: up to $25,000 per year for full-time veterinarians, two-thirds of that for mixed-time veterinarians, and one-third for part-time veterinarians, with total redemption caps of $150,000, $100,000, and $50,000 respectively over a maximum of six years.

Additionally, the bill mandates that program participants must complete their three-year service commitment to qualify for loan redemption, and it includes provisions for nullifying contracts in cases of death, total disability, or extreme hardship. The executive director of HESAA, in consultation with the Director of the Division of Animal Health, will match participants to underserved areas. To fund the program, the bill appropriates $200,000 from the General Fund to HESAA.