The purpose of the Medical Loan-For-Service is to increase the number of physicians in the state which have experienced shortages of health professional 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 award is based on financial need of the student. The award may not exceed $25,000.00 per year.
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.
- New Mexico Resident (12 consecutive months)
- Official acceptance into the UNM School of Medicine
- Enrolled at least half-time
- Demonstrate financial need
- Student must declare his/her intent to practice as a health professional in a designated shortage area within the state of New Mexico
- Community Health Centers
- Federally Qualified Health Centers
- Homeless Healthcare Centers
- Indian Health Service
- 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
How to Apply:
- Student shall complete the FASFA
- Complete the Loan-For-Service Application
- Completion of the school certification section within the application by the institution
- Submit the complete application packet to the New Mexico Higher Education Department
- 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 on this page starting May 15th and will be removed from the page on the closing date of July 1st.