The bill establishes the Wyoming Veteran Loan Repayment Program, which is to be administered by the University of Wyoming. This program aims to provide loan repayment for veterans who are enrolled in master's or doctoral programs in social work, counseling, or psychology and who commit to providing mental health services to veterans within the state. To qualify, applicants must be U.S. citizens or permanent residents, veterans, and in good standing in their academic programs. The loans will cover the cost of attendance, which includes tuition, fees, and other related expenses, and will be prioritized after any other grants or funding the applicant may receive.

The bill outlines specific eligibility criteria and repayment conditions, including the option for loan repayment to be fulfilled through work providing mental health services to veterans. It also includes provisions for deferring loan repayment for veterans on active duty and mandates the University of Wyoming to report annually on the program's outcomes. An appropriation of $250,000 from the general fund is allocated for the program, with the intent for this amount to be included in future budgets. The program is set to expire on June 30, 2035.