The Nursing Shortage Assistance Program Act establishes a program within the Department of Labor and Industry aimed at addressing the nursing shortage in Pennsylvania. The program will provide grants to qualified nursing servicers to assist nursing students with securing post-graduation employment and repaying student loans incurred while obtaining nursing degrees from accredited educational institutions in the Commonwealth. The act defines key terms such as "applicant," "partner hospital," and "qualified nursing servicer," and outlines the application process for grants, including the necessary information that must be submitted by applicants.

Additionally, the act imposes restrictions on the use of grant funds, specifying that they cannot be used for administrative costs and limiting the amount of loan repayment assistance an individual nurse can receive. The Department of Labor and Industry is tasked with developing guidelines for the program and will open an application period each fiscal year when funds are available. Furthermore, the Secretary of Labor and Industry is required to report annually to the General Assembly on the effectiveness of the grants, including details about partner hospitals and the number of nurses benefiting from the program. The act will take effect 60 days after its passage.