VETERINARY MEDICAL LOAN REPAYMENT PGM

Loan help for veterinarians requires service

New Mexico creates a veterinary education loan repayment program for up to 10 selected applicants each year, subject to funding. Applicants must be U.S. citizens or lawful permanent residents, live in New Mexico, and hold a New Mexico veterinary license. They must work full time in private practice providing food-animal care in a designated underserved area. Awards pay up to $15,000 a year for the first two years and $25,000 a year for the next two. Total help cannot exceed $80,000 or the recipient’s eligible veterinary education debt. Award sizes depend on practice location and characteristics, debt, funding, and special circumstances. Selection favors graduates of schools that give New Mexico residents an enrollment preference. Scholarships, personal loans, state aid requiring service, and loans above standard school costs do not qualify. Payments can go directly to lenders in annual or periodic installments. Recipients must sign a contract, serve at least four years, and report quarterly. Only fully completed years count toward service. Completing the contract means recipients do not have to repay the awards. Contract violations can trigger cancellation, immediate repayment, and penalties of up to three times the amount paid, plus 18% interest. The department can sue to collect unpaid balances or grant relief for extenuating circumstances. It can release recipients without penalty for serious illness, disability, extreme hardship, or other good cause. A denied release can be appealed to district court. The Higher Education Department runs the program and may delegate services or hire other agencies or providers. It must join applicable federal loan repayment programs and accept their terms. A standing committee includes the state veterinarian, New Mexico State University extension veterinarian, and veterinary board chair. It selects recipients, ranks underserved areas by need, and helps set eligibility and selection rules. The department and veterinary board review applicants’ qualifications and fitness for service. The board must maintain a database of jobs in underserved areas. A dedicated state fund keeps unspent money and accepts appropriations, gifts, grants, donations, and investment income. It pays awards and program costs; award availability depends on funding. Before each regular legislative session, the department must report to the governor and legislature. Reports cover awards, service locations, completion and retention, repayments, unpaid amounts, and penalties. They must also show recipient service in each underserved area, including gaps in full-time employment.