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.

Applications can be submitted online at hed.state.nm.us. Interested applicants can also contact the agency at Fin.Aid@state.nm.us or 1-800-279-9777.