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New Mexico, like many states, has several different programs that can be a great resource for those looking to save on their college debt. More than scholarships, these New Mexico student loan forgiveness programs actually work to repay the student debt of an individual with opportunities to get out from underneath financial problems. For more information on these programs, the following outlines three debt forgiveness and repayment programs in the state of New Mexico. For more general information, check out our guide to student loan forgiveness!
Law Loan Repayment Program
One of the most popular areas of need in the state of New Mexico is in the legal system. Specifically, New Mexico has found programs that encourage individuals to pursue careers in the legal profession in the public sector as beneficial in retaining individuals to work in the state. The New Mexico Public Service Law Loan Repayment Assistance Program, more easily known by the acronym LRAP, rewards and encourages this type of professional growth. Those that are eligible for this loan repayment can receive over seven-thousand dollars a year in loan repayment opportunities.
To qualify, individuals must:
- Have a license to practice law/be an attorney in the state of New Mexico, without any restrictions
- Must work in an area of law that helps low income or those in an underserved arena
- Must be in public service or in the lower levels of government
- Cannot have a salary annually that is near sixty-thousand dollars
- Must sign letter of intent to help the less fortunate via a legal career
- Must provide proof of educational loans and expenses and must be current on all of them
Other requirements do apply, so for all of the latest and most accurate of details, visit here. Remember, there is a three-year commitment that must be made to remain in this underserved population.
Health Field Professionals
The state of New Mexico offers a program for loan forgiveness specifically directed at those that are working as a health professional within the state. Individuals that are eligible for this loan repayment opportunity can receive nearly thirty-thousand dollars a year toward their educational debt, if they meet the eligibility requirements. The main criterion is that individuals be working in an underserved population in the state and that they make a two-year commitment to remain in this region. They must also be full-time employed and not part time.
All individuals must also be:
- A US Citizen (permanent residents may also apply provided proof of status is available)
- A New Mexican resident for at least one consecutively running twelve-month cycle
- Must be certified to practice medicine or work in the health care field in the state of New Mexico
- Must be employed a minimum of forty hours each week
- While not a prerequisite, it is important to note that those that attended an educational institute in the state are given heightened preference in receiving loan forgiveness
- For more information or to apply, click this link for all of the details.
Law-Based Repayment Opportunity
The state of New Mexico also offers a loan repayment program for those that have gone into the field of law. The John R. Justice Loan Repayment Program provides students up to over eight-thousand dollars a year, maxing out at sixty-thousand to repay their educational burdens. These are not given to just anyone, however. As noted, the John R. Justice Loan Repayment program is given to those in law-based fields, including prosecutors and public defenders. These two areas and career locales are vital to a well-functioning legal system. That is why the New Mexican state government wishes to incentivize new lawyers and legal professionals to pursue this career choice.
Other eligibility requirements can be found here and include:
- Must work at least forty hours a week
- Must be working in the state of New Mexico
- Must practice law and have the qualifying licenses to do so
- May not be in default on any student or educational loans
Author: Jeff Gitlen