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 subsequently provide 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.

Loan repayment can be fulfilled through work providing mental health services to veterans, with specific conditions regarding employment timelines and repayment commencement. The program includes provisions for deferring loan repayments for veterans on active duty and outlines the responsibilities of the University of Wyoming in managing the program, including setting loan terms and conditions. The bill appropriates $250,000 from the general fund for the program, which is set to expire on June 30, 2035, and mandates annual reporting on the program's outcomes.