Medical Loan-For-Service
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.
Eligibility
- New Mexico Resident (12 consecutive months);
- Official acceptance into a medical school within New Mexico;
- Enrolled at least half-time;
- Demonstrate financial need (meeting all FAFSA & SAP requirements);
- Student must declare his/her intent to practice as a health professional in a designated shortage area within the state of New Mexico.
How To Apply
- Student shall complete the FAFSA;
- Complete the Loan-For-Service Application via the Submittable System;
- Current program recipients will need to apply each year for funding.
When To Apply
The application opens every year on May 15th and closes on July 1st.
Where To Apply
The application will be available below starting May 15th and will be removed from the page on the closing date of July 1st.
Duration
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.
Award
The award is based on financial need of the student. The award may not exceed $25,000.00 per year.
Shortage Areas in New Mexico
- Community Health Centers;
- Federally Qualified Health Centers;
- Homeless Healthcare Centers;
- Indian Health Services;
- Migrant Health Centers;
- Non-profit centers/clinics – 501 (c ) 3 IRS verification must be provided;
- Non-profit Hospitals – 501 ( c) 3 IRS verification must be provided;
- Rural Health Clinics.