The state of New Mexico has identified several professions in high demand, especially in our rural communities. In an attempt to attract teachers, doctors, allied health professional, nurses, and pharmacists to provide service in our neediest areas, the New Mexico Department of Higher Education provides loans to help pay for educational coast.
The purpose of the Teacher Loan-for-Service is to proactively address New Mexico's teacher shortage by providing students with the financial resources to complete or enhance their post-secondary teacher preparation education.
As a condition of each loan, the student shall declare his/her intent to practice as a teacher in the New Mexico public school system.
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.
Learn more from the New Mexico Higher Education Department.