Special Programs

Resources & Links to help you manage special repayment options for specific careers

Health Care

A health care career helping others has student loan benefits

There are many federal and state student loan debt relief programs and benefits available to nurses, doctors, and health care professionals.

NMSL Nurses for New Mexico

Nurses for New Mexico is a program by NMEAF and New Mexico Student Loans to address the nursing shortage in New Mexico.

What are the benefits of the Nurses for New Mexico Program?

  • No interest will be charged when an eligible loan enters repayment for nurses who work full-time in New Mexico providing health care in a qualifying public or private facility.
  • Eligible Consolidation loans will have the interest reduced to 1.25% when the nurse works full-time in New Mexico providing health care in a qualifying public or private facility.

Learn more and apply for NMSL Nurses for New Mexico Program 

NMSL MDs for New Mexico

NMEAF and New Mexico Student Loans is proud to offer MDs for New Mexico, a program to help retain graduating medical students and address the ongoing shortage of practicing physicians in New Mexico.

What are the benefits of NMSL MDs for New Mexico?

  • Qualifying doctors get 0% interest when your federal loans enter repayment.
    OR
  • Have your interest reduced to 1.25% on qualifying consolidated loans.

Learn more and apply for NMSL MDs for New Mexico Program 

 

NMSL MDs for New Mexico Physician Working outside the State of New Mexico

New Mexico Student Loans and NMEAF also offers a reduced interest rate program for physician’s working outside the state of New Mexico who graduated from UNM Medical School.

What are the benefits of the NMSL Physicians Out-of-State Program? 

  • Your outstanding principal balance will be reduced by 4.5% after receiving 33 on-time monthly Payments.

Learn more and apply for NMSL Out-of-State Physicians Program 

NM Health Professional Loan Repayment Program

The purpose of the New Mexico Health Professional Loan Repayment Program (HPLRP) is to provide repayment for outstanding student loans of practicing health professionals. As a condition of the program, a health professional must make a three- year service commitment to practice full-time in a designated medical shortage area in New Mexico. The HPLRP is a competitive program. Application to the program does not guarantee funding. Learn more

Federal Loan Programs for Health Care Professionals

U.S. Department of Health and Human Services Loan Programs

  • Faculty Loan Repayment  This repayment program is for health professionals faculty members at a health professions schools.
  • National Health Services Corps  Primary care providers in eligible disciplines can have part of their federal loans repaid with this program.
  • NURSE Corps Loan Repayment Program This program supports RNs, APRNs, and nurse faculty in repaying education loans for nurses serving in eligible facilities located in areas experiencing a shortage of nurses.

Military

Military and Armed Forces Student Loan Benefits and Options

Thank you for your service to our country.

There are special student loan benefits and options for members of the U.S. Armed forces including the Air Force, Army, Marine Corps, Cost Guard, Commissioned NOAA and Public Health Service Officers as well as the National Guard and Reservists.

Some of the special Military student loan repayment benefits include:

Active-Duty Military Loans Options including, Interest suspension and caps, Postpone loan repayment.

Income-based repayment plans with options to waive paperwork

Healthcare Professionals repayment plans for active duty or reserves

Department of Defense loan repayment

Armed Forces loan forgiveness and discharge programs

Learn more about what military student loan options you are eligible for

Military Forbearance
Military Deferment
Student Loan Armed Forces and Military
Servicemembers Civil Relief Act (SCRA)

Teachers

Help Educate the Next Generation and Get Rewarded

“One teacher can change the world”

There are multiple federal loan repayment programs to encourage you to enter a career as a teacher and help decrease the amount or pay off your student loan. There are three programs to incentivize teaching in New Mexico. The New Mexico Higher Education Department (NMHED) has two loan repayment programs for teachers and we (NMSL) have one program to encourage teaching in New Mexico. There are also several Federal Loan Programs for teachers.

NMSL Teachers for Tomorrow Program

NMEAF and New Mexico Student Loans is proud to offer Teachers for Tomorrow, a program to address New Mexico’s teacher shortage. Our goal is simple – to make teacher education programs more accessible and help recruit and retain quality teachers for our state.

What are the benefits of the NMSL Teachers for Tomorrow Program?

  • Qualifying teachers get 0% interest when your federal loans enter repayment. 

    OR
  • Have your interest reduced to 1.25% on qualifying consolidated loans.

How do I qualify for the NMSL Teachers for Tomorrow Program? 

  • Must have a minimum of a Bachelors degree.
  • Must be directly employed full-time by the school system in a public or other nonprofit elementary or secondary school in New Mexico.
  • Must provide direct classroom-type teaching, or educational service directly related to classroom teaching, such as school librarians and school guidance counselors.
  • Supervisors, administrators, researchers and curriculum specialists are not considered teachers unless they provide direct and personal educational services to students. However, if you begin receiving Teacher for Tomorrow benefits and are then promoted to one of these positions, you may continue to receive your Teacher for Tomorrow benefits.
  • During your initial year of eligibility, you must teach for a minimum of one semester. For any subsequent years, you must teach for a complete academic year or its equivalent.

Learn more and apply for the NMSL Teachers for Tomorrow Program 

New Mexico HED Teacher Loan Programs

The New Mexico Higher Education Department has two programs to offer student loan benefits to teachers.

New Mexico HED Teacher Loan For Service Program
This program can award you up to $4,000 per year to help you pay for your teacher education. The program is available for students who have financial need as determined by the FAFSA and Teacher Loan For Service Application with the NMHED. Learn more and apply for the New Mexico Teacher Loan for Service Program 

New Mexico HED Teacher Loan Repayment Program
This program is designed to help pay off federal student loans for teachers who enter qualifying high-risk public schools that are not meeting acceptable academic proficiency levels and are located in areas with high rates of poverty. To qualify you must be a licensed New Mexico teacher and a New Mexico resident. To qualify you must complete two full years as a teacher in the qualifying school. Learn more and apply for the New Mexico Teacher Loan Repayment Program  

Federal Loan Forgiveness Program for Teachers

This program is where the U.S. Department of Education repays a portion of your Federal student loan.  

What are the qualifications for the Federal teacher loan forgiveness? 

  • Have a qualifying type of federal student loan that is not in default
  • Work as a full-time teacher for consecutive years at a qualifying elementary or secondary school that has been designated as a “low-income” school

What are the benefits of the federal loan forgiveness program for teachers?

  • Qualifying teachers in elementary and secondary schools can receive up to $5,000 of your loan forgiven
  • Qualifying math, science and special education teachers can receive up to $17,500 in teacher student loan forgiveness

Learn more about the Federal Teacher Loan Forgiveness and Qualifications 

How do I apply for the Federal loan forgiveness for teachers?
You may apply for cancellation after completing the five-year teaching requirement but before that time you can apply for forbearance to suspend your student loan payments.