New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 7 - TUITION AND FINANCIAL AID
Part 4 - PRIMARY CARE PHYSICIAN STUDENT LOAN-FOR-SERVICE PROGRAM
Section 5.7.4.11 - LOANS

Universal Citation: 5 NM Admin Code 5.7.4.11

Current through Register Vol. 35, No. 18, September 24, 2024

Loans can be made to students to defray educational expenses incurred in obtaining a medical degree under the following conditions and limitations:

A. the amount is dependent upon relative need of each student, but may not exceed $30,000 per academic year;

B. upon approval of the loan, a contract shall be drawn between the student and the department and signed by the student and the department;

C. a student may receive a loan on the following terms:

(1) interest shall accrue upon termination of the participant's course of study; the waiver amount shall bear interest at the rate of 18% per year if the participant completes a course of study and no portion of the principal and interest is forgiven pursuant to Subsection D of this section; and

(2) the maximum period for repayment shall be 10 years, commencing six months from the date the participant completes or discontinues the course of study, including a residency; and

D. the contract shall provide that the department forgive a portion of the waiver for each year that a participant practices as a primary care physician in an underserved area of New Mexico as defined in the Rural Primary Health Care Act (24-1A-1 NMSA 1978).

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