The purpose of the Medical Loan-For-Service is to increase the number of physicians in 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 within the state of New Mexico.
For every year of service provided in a designated shortage area within New Mexico, a portion of the loan will be forgiven. If the entire service agreement is fulfilled, 100% of the loan is eligible for forgiveness. Penalties will be assessed if the service agreement is not satisfied.
The application opens every year on May 15th and closes on July 1st.
The application will be available below starting May 15th and will be removed from the page on the closing date of July 1st.
The award is for a period of one year but may be renewable for up for four years upon resubmission of an application each year.
The award is based on financial need of the student. The award may not exceed $25,000.00 per year.
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