Bill > S3054

Introduced Session

This bill establishes two loan redemption programs aimed at increasing the number of veterinarians practicing in the State, namely the New Jersey's Own Veterinarians Loan Redemption Program and the New Jersey Veterinarians Loan Redemption Program. The New Jersey's Own Loan Redemption Program would provide for the redemption of eligible qualifying loan expenses for individuals graduating with a doctor of veterinary medicine degree from an institution of higher education in New Jersey. As a condition of the receipt of loan redemption under this loan redemption program, a program participant is required to commit to practicing as a veterinarian full-time in the State for one year following graduation from a doctor of veterinary medicine degree program at an institution of higher education in the State. Loan redemption would begin with service completed after the one year of service following graduation. The annual amount of loan redemption under this loan redemption program would not exceed $10,000 of a program participant's eligible qualifying loan expenses for each consecutive year of participation in the program, up to a maximum of five consecutive years. The maximum total amount of loan redemption under this program would be $50,000. To be eligible to participate in the New Jersey's Own Veterinarians Loan Redemption Program, an applicant would be required to:· be a resident of the State and maintain residency during program participation;· have graduated with a doctor of veterinary medicine degree from an institution of higher education located in the State;· have an outstanding balance on a qualifying student loan and not be in default on any qualifying student loan;· have been employed as a veterinarian practicing full-time in the State for one year following graduation from a doctor of veterinary medicine degree program at an institution of higher education located in the State; · agree to be employed as a veterinarian practicing full-time in the State during the period of loan redemption; and · continue to be employed as a veterinarian practicing full-time in the State for an equal period of time in which the participant received loan redemption after the completion of the loan redemption period. The second program established by the bill, the New Jersey Veterinarians Loan Redemption Program would provide for an annual loan redemption amount not to exceed $5,000 of a program participant's eligible qualifying loan expenses for each consecutive year of employment as a veterinarian practicing full-time in the State, up to a maximum of five consecutive years. The maximum total amount of loan redemption under this program would be $25,000. To be eligible for this loan redemption program, a participant is required to:· be a resident of the State and maintain residency during program participation;· meet any of the following conditions:o have graduated high school in New Jersey or was a resident of New Jersey upon graduation from high school; o have graduated from an undergraduate degree program at an institution of higher education in New Jersey; oro have graduated high school in New Jersey or was a resident of New Jersey upon graduation from high school and maintained residency in the State during the applicant's undergraduate course of study and during the time in which the applicant attended an institution of higher education located outside of the State for a doctor of veterinary medicine program;· have graduated with a doctor of veterinary medicine degree from an institution of higher education located outside of the State;· have an outstanding balance on a qualifying student loan and not be in default on any qualifying student loan;· be currently employed as a veterinarian practicing full-time in the State; · agree to be employed as a veterinarian practicing full-time in the State during the period of loan redemption;· continue to be employed as a veterinarian practicing full-time in the State for an equal period of time in which the participant received loan redemption, after the completion of the loan redemption period. The New Jersey's Own Veterinarians Loan Redemption Program would first accept applicants beginning January 1 of the year following the year in which the first class of students graduate from a doctor of veterinary medicine program at an institution of higher education in the State. However, these students would be provided the opportunity to begin applying for the program beginning February 1 of the year in which they graduate from the doctor of veterinary medicine program and the Higher Education Student Assistance Authority may accept and approve applications on a rolling basis prior to January 1 of the year following the year in which the first class of students graduates from a doctor of veterinary medicine program at an institution of higher education in the State. The program would conclude June 30 of the sixth year following the year in which the first class of students graduate from a doctor of veterinary medicine program at an institution of higher education in the State. The New Jersey Veterinarians Loan Redemption Program would first accept applicants beginning January 1 of the first year following the date of enactment. The program would cease to accept applicants upon the graduation of the first class of students from a doctor of veterinary medicine program at an institution of higher education in the State. The program would conclude five years following the acceptance of the last cohort of applicants. For both programs established under the bill, the Governor, in consultation with the Office of the Secretary of Higher Education and the New State Board of Veterinary Medical Examiners, may continue to renew the loan redemption programs until such time as it is deemed that there is a sufficient supply of veterinarians practicing in the State.

AI Summary

Committee Categories

Troy Singleton (D)*,  Jean Stanfield (R)*, 

Introduced in the Senate, Referred to Senate Higher Education Committee (on 09/29/2022)

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Official Document