Bill > SB11

This bill, titled the "Nurse Loan Repayment Act," establishes a program to help repay the student loans of nurses who agree to work in underserved areas of New Mexico. The Higher Education Department will administer the program, creating rules for identifying "designated underserved areas" – places lacking sufficient nurses – and selecting eligible nurses, who must be licensed in New Mexico and either work in these areas or teach nursing. A selection committee, composed of state health and education officials, will help identify these areas and assist with applicant selection. Nurses participating in the program will enter into a contract with the department, agreeing to a minimum four-year service period, with annual awards to repay their loans, capped at $7,500 for the first two years and $10,000 for the next two, for a total not exceeding $35,000 per contract, though a second contract is possible. Failure to fulfill the contract terms will result in a penalty, typically the amount of the award plus interest, unless extenuating circumstances are accepted. The bill also creates a dedicated "nurse loan repayment fund" and appropriates $5 million to it, with the department required to report annually on the program's progress, including award numbers, service completion rates, and penalties.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=11&year=26