New Mexico expanded a loan repayment program that can pay doctors and other health workers up to $300,000 if they commit to stay for four years.
ALBUQUERQUE, N.M. — Hearing the future is bright for health care in New Mexico is probably a statement you don’t hear often. It’s no secret our state has a doctor shortage.
But now, a new program promises to help fill that gap.
“Children can still achieve their dream of becoming a doctor without having this huge, huge burden of debt,” Dr. Alex Cvijanovich said.
Gov. Michelle Lujan Grisham’s office just expanded the New Mexico Health Professional Loan Repayment Program. Meaning if doctors commit to work here for four years, their schooling will be paid for—up to $300,000.
Before, doctors were capped at $25,000 a year to help pay for their education over three years.
Now, full-time and part-time licensed physicians will receive $75,000 a year for a total of $300,000 in debt relief if they commit to working in New Medico for four years.
“$300,000 as a medical student…without any restrictions on what kind of a doctor to become, I think that’s, that’s absolutely it’s a huge windfall,” Cvijanovich said.
More than 25 other health care licensure fields will be eligible but will get up $25,000 a year with a three-year service commitment.
Cvijanovich became a pediatrician through a similar program.
“I worked in Truth or Consequences for six years,” she said. “Now it’s been 21 years that I came with a loan repayment program, and it’s become my home.”
The hope would be that doctors like Cvijanovich would stay past those four years. But Cvijanovich said even if they don’t— it will still incentive students and doctors to come here.
“It will allow our families to access these specialists without necessarily having to drive like eight hours to Denver or fly to Denver, which adds financial burden to our patients,” she said.
For students like Lukas Kerr, he’ll be able to achieve his goal of staying in New Mexico.
“There’s a lot to look forward to,” Kerr said. “Being able to stay in New Mexico and pay that off just by living where we want to live and practicing here is huge.”
The fourth-year student is from Santa Fe and knows our state’s doctor shortage all too well.
“The problem with health care in New Mexico goes far beyond just a physician shortage. We have a nursing shortage,” Kerr continued. “I’m sure we have shortage in other professionals like PTs, speech language pathologists, medical assistants, et cetera. And opening this up to all of the professions will just make us stronger together.”
Kerr even said one of his friends heard about the loan repayment program and is now considering staying. He also believes by removing that financial burden, more people will consider entering the health care field.
“I think that a lot of people, maybe in undergrad, high school, whatever, they see that big price tag of the loan and they don’t even want to go down that path, and this is going to open up people’s minds,” Kerr said.
The money for the program comes from House Bill 66, which the Legislature passed this year. It set aside $25 million specifically for the loan repayment program within the Higher Education Department.
50% of the program’s $25 million is specifically set aside for licensed physicians.
Another aspect both Kerr and Cvijanovich said will help our doctor shortage: medical malpractice reform—which also made significant strides in the Legislature this year.
Response from New Mexico Higher Education Department:
Is it for current students graduating or can current doctors also get loan forgiveness?
The program provides loan repayment assistance for outstanding student loan debt for eligible healthcare professionals, meaning current doctors or healthcare professionals will be eligible for this program.
Would this only apply to physicians or would it also apply to nurses, surgeons or other medical staff?
The program includes both recruitment and retention awards aimed at strengthening the health care workforce in communities experiencing provider shortages across New Mexico. Physicians may receive at least $75,000 per year with a 4-year service obligation, and other health professionals may receive up to $25,000 per year with a 3-year service obligation.
More information for other health professionals who qualify, please visit this site: Health Professional Loan Repayment Program | NM HED | NM Higher Education Department
How do you believe this will help our state’s current doctor shortage?
We expect this expansion to significantly improve recruitment and retention by making New Mexico one of the most competitive states in the country for physicians and other health professionals. The goal is to reduce care gaps, improve access, and keep more providers practicing in New Mexico long term. The Health Professional Loan Repayment Program has grown by 3,500 percent since its inception in 2019, supporting over 1,200 health care professionals across New Mexico.
How is the state able to provide this loan repayment?
The program is funded through a state appropriation administered by the New Mexico Higher Education Department under the Health Professional Loan Repayment Program. House Bill 66 provides a $25 million appropriation to support the program, including funding specifically designated for physician loan repayment awards.
