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  • NJ A1743
  • Provides loan redemption for certain physicians who work in State 10 years.
Introduced
(1/27/2016)
In Committee
(1/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill establishes a Physician Loan Redemption Program to address the current and worsening physician shortage in this State. The bill provides for redemption of qualifying loan expenses for physicians in primary care or specialties that are projected to experience a significant shortage in the State, if they work in the State for 10 years at an approved site. The Advisory Graduate Medical Education Council, in consultation with the New Jersey Council of Teaching Hospitals, would determine which specialties are projected to have a shortage. An "approved site" is defined as: (1) a site located within a State designated underserved area, which is a geographic area in the State ranked on the basis of health status and economic indicators as reflecting a physician shortage and which has a projected physician specialty shortage; (2) a site located within a health professional shortage area, which is an urban or rural area, a population group or a public or non-profit private medical or dental facility or other public facility which the Secretary of Health and Human Services determines has a health professional shortage pursuant to federal law; or (3) a site determined by the Higher Education Student Assistance Authority (HESAA), in consultation with the Department of Health, to serve medically underserved populations. Program participants must be State residents, have graduated from a medical school approved by the State Board of Medical Examiners, and have completed an accredited residency training program. Program participants must agree to practice in a full-time clinical practice in the State for 10 years at an approved site in designated underserved areas. In return for this commitment, the participant's eligible qualifying loan expenses will be reimbursed, subject to the maximum amount authorized by federal law, as follows: · first year of service, 5% of principal and interest; · second year of service, 5% of principal and interest; · third year of service, 10% of principal and interest; · fourth year of service, 10% of principal and interest; · fifth year of service, 10% of principal and interest; · sixth year of service, 10% of principal and interest; · seventh year of service, 10% of principal and interest; · eighth year of service, 10% of principal and interest; · ninth year of service, 10% of principal and interest; and · tenth year of service, 20% of principal and interest. A physician who is a participant in the National Health Service Corps Loan Repayment Program, or in the State's Primary Care Practitioner Loan Redemption Program, would not be eligible to participate in the program established by this bill.
Not specified
Introduced, Referred to Assembly Higher Education Committee  (on 1/27/2016)
 
 

Date Chamber Action Description
1/27/2016 A Introduced, Referred to Assembly Higher Education Committee
Date Motion Yea Nay Other
None specified