Medical Loan-For-Service - Application will open May 15, 2014
The purpose of the Medical Loan-for-Service is to increase the number of physicians in areas of the state which have experienced shortages of health professionals by making educational loans to students entering medical school.
As a condition of each loan, the student shall declare his/her intent to practice as a health professional in a designated shortage area.
Shortage Areas for the Allied, Medical and Nursing Loan-For-Service programs:
¨ Community Health Centers
¨ Federally Qualified Health Center
¨ Homeless Healthcare Centers
¨ Indian Health Service
¨ Migrant Health Centers
¨ Non-profit Centers/Clinics - 501 (c) 3 IRS verification must be provided
¨ Non-profit Hospital - 501 (c) 3 IRS verification must be provided
¨ Rural Health Clinics
For every year of service, a portion of the loan will be forgiven. If the entire service agreement is fulfilled, 100% of the loan is eligible for forgiveness. Penalties may be assessed if the service agreement is not satisfied.
How much is the award?
- The award is based on the financial need of the student
- The award may not exceed $25,000 per year
- Award may be renewable for up to four years if application is submitted each year
What are the eligibility requirements?
- New Mexico resident
- Be accepted into the UNM School of Medicine
- Enroll at least half-time
- Demonstrate financial need
How do I apply?
||Complete the Free Application for Federal Student Aid (FAFSA)|
||Complete the Loan-for-Service Application:|
||Request school certification|
||Send complete application to New Mexico Higher Education Department|
If I am already on the program, do I need to reapply?
Yes. If you are currently receiving funding from the Medical Loan-for-Service program, you will need to reapply by July 1, 2013.
When is the deadline?
Applications must be postmarked by July 1, 2014. Mail complete application to:
New Mexico Higher Education Department
Attn: Financial Aid Division
2048 Galisteo Street
Santa Fe, NM 87505-2100