Northern New Mexico Community College will receive a check along with the names of the students who were awarded loans. Students must sign award letter and complete a class attendance form before loan proceeds are released. Cashier will release loan check. The purpose of the Allied Health Student loan-for Service program is to increase the number of allied health professionals in areas of the state in need of such professionals, by granting loans to allied health profession students. As a condition of the loan, a student must declare their intent to practice as an allied health practitioner in a designated health professional shortage area in New Mexico.
Penalties apply for failure to provide service.
Interest accrues from the date of each disbursement, and all interest accrued on the borrower s exit date shall be capitalized. Borrower may prepay the loan without any penalties. The borrower will select and serve in a shortage area. The borrower must serve 12 consecutive months in order to receive cancellation for one year. Applications can be picked up after May 1 and returned to the Financial Aid Office before last week in June.