Bill > HB512

This bill establishes the Medical Residency Loan Repayment Act, which creates a program to help medical residents and fellows repay educational loans in exchange for working as physicians in New Mexico. The program allows the Higher Education Department to grant awards to medical professionals who have completed their residency or fellowship in New Mexico, with specific eligibility criteria including graduating from an accredited medical school, being licensed in New Mexico, and committing to practice in the state for at least five consecutive years. Award recipients must apply through the department and will receive loan repayment funding directly to their lender, with a maximum repayment period of three years. The bill establishes a dedicated Medical Residency Loan Repayment Fund with an initial appropriation of $3 million, and includes provisions for contract enforcement and potential reimbursement if participants do not fulfill their service obligations. Some loans are specifically excluded from eligibility, such as personal loans from friends or relatives and loans already covered by other state or federal repayment programs. The department is required to submit annual reports to the governor and legislature detailing the awards granted and recipient information. The program is set to become effective on July 1, 2025, with the goal of attracting and retaining medical professionals in New Mexico.

Education

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=512&year=25