NEW MEXICO (KRQE) – New Mexico’s Teacher Loan Repayment Program is now accepting applications until 5 p.m. August 1. All licensed teachers in New Mexico working in schools and high-need fields are encouraged to apply for the program, which helps teachers repay federal student loans related to teacher education.
Through the program, eligible teachers can receive up to $6,000 per year for two years toward federal student loans principal debt and interest. According to a release sent out by the New Mexico Higher Education Department, more than 600 teachers were supported by the program. The state has also approved an additional $3 million increase for the program this year so all eligible teachers can benefit.
Eligible teachers must be U.S. citizens, New Mexico residents for 12 or more consecutive months, hold a New Mexico teachers license and have taught at least three years in New Mexico. According to the release, priority is given to teachers in high-need areas such as, bilingual education, special education, early childhood education, STEM, technical education and low performing or economically disadvantaged schools.