Applications will then be certified and given to the Director where they will be reviewed and awarded. 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 Nursing Student loan-for Service program is to increase the number of nurses in areas of the state which have experienced shortages, by making educational loans to students seeking certification or licensure in nursing. As a condition of the loan, a student must declare their intent to practice as a nurse 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 borrowers 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.