SANTA FE — A record number of health care professionals, more than 2,000, applied for help repaying their student loans in exchange for serving in New Mexico. The surge in demand exceeded the largest investment in the program’s history.
The New Mexico Higher Education Department's Health Professional Loan Repayment Program received $25 million this fiscal year, a record appropriation from the Legislature.
That funding supported awards for roughly 7 percent of applicants, including 73 physicians among the 2,066 eligible health care workers who applied.
“Health care workers who are committed to serving New Mexico deserve our commitment to this highly beneficial loan repayment program,” said Higher Education Secretary Stephanie M. Rodriguez. “This program has made it possible for thousands of physicians, nurses and other health care professionals to remain in New Mexico and maintain their practice, and we want to ensure it continues to do that well into the future.”
Legislation passed this spring raised award amounts for physicians to up to $75,000 per year, with a maximum of $300,000 per provider and required that half of each year's appropriation go to physicians.
The change is aimed at recruiting and keeping doctors in the communities that most need them, particularly in rural New Mexico. Because demand has grown so much, not every award can be funded, a gap the department hopes to close with continued support from the Legislature.
Legislative tweaks to program requirements that were approved this year have further consolidated the amount of money available for non-physician applicants who also apply for the program like mental health professionals, nurses and other health care professionals.
Since 2019, the program has supported more than 1,700 health care professionals across New Mexico. The growing demand also underscores how essential the program has become for retaining providers statewide. Even with expanded funding, applications reached record levels.
The Health Professional Loan Repayment Program has experienced a dramatic increase in demand in recent years, leaving less funding available for applicants seeking student loan debt relief and potentially reducing the number of health professionals who would remain in New Mexico to practice with the financial support of this program.
“The goal of this program is to boost New Mexico’s health care workforce, and it has shown signs of success,” said Rodriguez. “But, frankly, the program needs more funding to accomplish that goal, therefore, we urge legislators to focus on expanding funding in the next session, as the overwhelming demand shows how essential this support is for New Mexico’s healthcare workforce.”
“I would never have been able to establish my practice in New Mexico, let alone remain here long-term, without the critical backing of the New Mexico [Health Professional Loan Repayment] Program,” said Dr. Kyle W. Sanders of San Juan Regional Medical Center. “Eight years later, New Mexico is our forever home. In that time, we have built a robust, full-time, full-service department. Patients across our region now have immediate access to highly specialized, life-saving oncology and trauma care seven days a week, none of which would exist without this program.
“The foresight of our state lawmakers in establishing this initiative, paired with ongoing improvements to the medical malpractice environment, is essential to attracting and retaining top-tier physicians. Investments like this ensure that rural residents do not have to leave the state for world-class treatment.”
The loan repayment program “made my worries about finances decrease significantly,” said Kristin Riordan, who is an occupational therapist at the Raymond G. Murphy VA. “I recently purchased a house in Northern New Mexico which will allow me to continue to work here and grow my roots in this community.”
For more information about the New Mexico Higher Education Department and its programs, visit hed.nm.gov.