New Mexico Medical Loan for Service Program

Application Information

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Amount Awarded

$25000
awarded

Application Deadline

July 03
Monday

Awarded By

New Mexico Higher Education Department

Award Amount

Financial Aid Coordinators make award amount recommendations based on the student's financial need for the academic year; however, the amount of the award may not exceed $25,000 per academic year. The final award amount is determined by the New Mexico Higher Education Department based on available funding and the total number of eligible applicants. Funds are sent in two disbursements directly to the higher education institution at which the eligible student is enrolled. Students must apply for renewal awards each year in which funding is desired.

Recipients

The number of awards offered varies annually based on available funding and the number of qualified applicants. In the 2012-2013 academic year, there were 22 awards disbursed.

Additional Information

The purpose of the New Mexico Health Professions Student Loan-for-Service Program is to increase the number of professionals in areas of the state that have experienced shortages by making educational loans to students seeking degrees in the health field. Please note: Each student must complete the FAFSA (Free Application for Federal Student Aid) in order to determine eligibility for this program. The FAFSA is available online at www.fafsa.ed.gov. As a condition of each loan, the student shall declare his/her intent to practice in a chosen health field in a designated shortage area in New Mexico. For every year of service, a portion of the student's loan will be forgiven. If the entire service agreement is fulfilled, 100 percent of the loan is eligible for forgiveness. Penalties may be assessed if the service agreement is not satisfied. The Health Professional Advisory Committee will screen applications and rank individuals based on the applicant's academic eligibility, ability to describe the need for the program, and intent to work in a designated shortage area as approved by the New Mexico Higher Education Department. Students will receive award or denial notification via U.S. mail.

Deadline Info

Applications are available on the New Mexico Higher Education (NMHED) website. One section of the application must be completed by the financial aid officer at the student's school. In addition, the ... sign up for full scholarship deadline information.

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