Davidson News

Davidson News

New Mexico’s $17 Million Student Loan Forgiveness for Healthcare Professionals

New Mexico’s proactive approach to addressing critical healthcare needs and supporting healthcare professionals while simultaneously relieving the burden of student loan debt and the state’s commitment to accessible and high-quality healthcare for its residents through two significant student loan forgiveness programs.

Healthcare professionals benefit from these New Mexico’s student loan forgiveness initiative. (Photo: Santa Fe New Mexican)

Student Loan Forgiveness Initiatives Alleviate Debt and Boost Care

Based from the article of The Center Square, the New Mexico Higher Education Department recently unveiled two student loan forgiveness initiatives aimed at healthcare professionals. This announcement signifies the state’s commitment to addressing critical healthcare needs while relieving the burden of student debt.

A total of $14.6 million in conditional student loan forgiveness will be disbursed among 724 healthcare professionals. These dedicated individuals, including nurses, mental health professionals, medical doctors, nurse practitioners, allied health practitioners, and dental professionals, have an average student loan debt of approximately $75,000. In exchange for this financial support, they commit to serving in high-need areas across the state for three years. Notably, this program marks a significant expansion, with an impressive $13 million increase from the previous year when only 44 health professionals benefited.

Governor Michelle Lujan Grisham expressed her enthusiasm for this initiative, stating, “This program ultimately moves us further toward our goal of accessible, affordable, and high-quality healthcare for every New Mexican.” It’s a resounding step towards enhancing healthcare accessibility within the state.

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Expanding Student Loan Forgiveness Beyond Borders

Furthermore, New Mexico is allocating $2.2 million through the Western Interstate Commission on Higher Education (WICHE) Loan-for-Service Program. This opportunity extends to New Mexico residents who graduate from out-of-state programs in fields such as dentistry, optometry, and veterinary medicine. The program offers partial debt forgiveness to licensed professionals who choose to work in approved fields upon graduation. Through this initiative, individuals can apply for multiple years of debt relief, potentially eliminating up to 100% of their student loan debt.

Higher Education Secretary Stephanie M. Rodriguez emphasized the significance of the WICHE program, stating, “The WICHE Loan-for-Service Program is a great way to grow our own workforce by providing New Mexicans with support to pursue these rewarding careers and then return to their home communities.” These programs not only alleviate the financial burden on healthcare professionals but also help strengthen New Mexico’s healthcare workforce, ensuring quality care for its residents.

Provided in the article of The Center Square is a collection of the schools you might want to explore attending if you’re aiming to potentially qualify for debt forgiveness under this program. Check that out.

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