The NM student loans forgiveness or, New Mexico Loan Forgiveness, has a variety of programs to accommodate your needs.
The state of New Mexico is one of the many states that have special loan forgiveness programs for their residents.
Find out which NM student loan forgiveness program you can apply for!
(Did You Know? Laws surrounding forgiveness and student loans are constantly changing. Don’t wait to take advantage of forgiveness or see if you qualify. Use the Definitive Guide to Qualifying for Student Loan Forgiveness to figure out if you can qualify and how to apply for forgiveness. Click here to learn more and get the free guide.)
NM Student Loans Forgiveness: What You Need to Know
In this article:
- What is NM Student Loan Forgiveness?
- Health Professional Loan Repayment Program
- New Mexico Children, Youth, and Family Workers Loan Repayment Program
- John R. Justice Loan Repayment Program
- Teacher Loan Repayment Program
What is NM Student Loan Forgiveness?
Like many states across the country, New Mexico has its own set of forgiveness programs.
Some of these programs require applicants to be residents of the state.
Others simply base an applicant’s eligibility on his or her job or credentials.
While it bears similarities with other state-sponsored programs, NM forgiveness does have its own unique requirements.
The qualifications for each program differ.
To find the best one for you, consider the details that follow.
Also, remember that this is still part of the larger federal student loan forgiveness system.
Therefore, federal forgiveness rules still apply.
Health Professional Loan Repayment Program
As with most state programs, the NM loan forgiveness programs also grants forgiveness if you work in an area with special or critical need.
Health professionals who meet these requirements will find this particular program helpful.
- Total Repayment Amount: $25,000 annually
- Eligibility: You must be a full-time licensed health professional. More importantly, you must be a New Mexico resident for at least 12 years consecutively
- Requirements: You must work 40 hours a week (full-time) for two consecutive years in an area which qualifies for the loan forgiveness program
New Mexico Children, Youth, and Family Workers Loan Repayment Program
Among the unique forgiveness programs in New Mexico is the New Mexico Children, Youth, and Family Workers Loan Repayment Program.
Workers in this sector are relatively few and thus, the state encourages professionals to offer their services in exchange for forgiveness.
- Total Repayment Amount: The total amount of repayment depends on a number of factors. First, the state takes into consideration the amount of debt the applicant has. Also, the allocated budget for the program and other changes in the applicant’s income affect the amount of repayment.
- Eligibility: You must be a resident of New Mexico. In addition, you must be a Public Service Worker with a bachelor’s or master’s degree.
- Requirements: Fulfill a two-year service contract in a public service sector which involves children, youth, and family work.
John R. Justice Loan Repayment Program
Practicing lawyers in New Mexico may also benefit from loan forgiveness programs in New Mexico.
The John R. Justice Loan Repayment Program is an excellent resource for practicing lawyers.
Its goal is to encourage public defenders and prosecutors to serve the state.
For the crucial technical definitions, the program entails, see this link.
- Total Repayment Amount: A maximum of $8,300
- Eligibility: You must be a resident of New Mexico and must practice your profession in the same state. Of course, you must also be a licensed lawyer
- Requirements: You must work at least 40 hours per week
Teacher Loan Repayment Program
Very much like the Teacher Loan Forgiveness Program, New Mexico’s own Teacher Loan Repayment Program seeks to find educators who will offer their services in areas of high-risk and need.
For these areas, it is best to ask your loan service provider.
- Total Repayment Amount: The total amount of forgiveness depends on the teacher or applicant’s student loan debt as well as the area in which he or she decides to teach
- Eligibility: You must be a licensed teacher and a resident of New Mexico; the school in which you are teaching must also be deemed qualified by the Program
- Requirements: Work two consecutive years in a qualified area
Watch this video by Fox 5 Atlanta for an interesting news about student loan forgiveness:
Finding the right student loan forgiveness program can be exhausting.
However, once you have found what you are looking for, it is always rewarding.
Nothing beats hard work and determination.
With a little effort and research, you can make repaying student loan debt a lot more bearable.
(Did You Know? Laws surrounding forgiveness and student loans are constantly changing. Don’t wait to take advantage of forgiveness or see if you qualify. Use the Definitive Guide to Qualifying for Student Loan Forgiveness to figure out if you can qualify and how to apply for forgiveness. Click here to learn more and get the free guide.)
What are your thoughts on the NM student loan forgiveness programs? Let us know in the comments section below.
Up Next: Public Service Loan Forgiveness Program
Leave a Reply