ASSEMBLY COMMERCE AND MILITARY AND VETERANS' AFFAIRS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 1151

STATE OF NEW JERSEY

DATED: JUNE 3, 1996

      The Assembly Commerce and Military and Veterans' Affairs Committee reports favorably Assembly Bill No. 1151.

      As reported, this bill establishes a Pharmacist Loan Redemption Program within the Office of Student Assistance, now in, but not of, the Department of the Treasury. The program is to provide for the redemption of a portion of the eligible student loan expenses of qualified pharmacy students for each year of service in an underserved area of the State as designated by the Commissioner of Health. The maximum redemption of loans under the program shall be 15% of principal and interest of eligible student loan expenses in return for one full year of service in a designated underserved area of the State, an additional 20% for a second full year of service, an additional 40% for a fourth full year of service, for a total redemption of eligible student loan expenses of up to, but not to exceed, $70,000. The bill directs the Office of Student Assistance to annually apply to the federal government for any federal funds which may be available to implement the loan redemption program and to make use of available State funds.

      This bill was pre-filed for introduction in the 1996 session pending technical review. As reported, the bill includes the changes required by technical review which has been performed.