NJ A4472

Establishes a Veterinary Medicine Loan Redemption Program administered by the Higher Education Student Assistance Authority for veterinarians who work at least five years at approved sites in designated veterinary underserved areas focused on large animal care.

Full-time participants (40+ hours/week) may receive up to 100% loan redemption capped at $20,000 annually; half-time participants (20-39 hours/week) may receive up to 50% capped at $10,000 annually.

Loan repayment is distributed over five years: 12% in year one, 20% in years two and three, and 24% in years four and five for full-time service (half those percentages for half-time).

The Secretary of Agriculture, in consultation with the New Jersey Horse Council, Association of Equine Practitioners, and Farm Bureau, will annually designate veterinary underserved areas based on large animal veterinarian shortages.

Appropriates $500,000 annually from the General Fund starting in Fiscal Year 2024; participants who leave before completing five years must repay 50% of redeemed amounts within one year.