New Mexico Gov. Michelle Lujan Grisham has the state’s professional loan repayment program to offer physicians up to $300,000 in loan forgiveness.
The expanded program allows full- and part-time physicians to receive $75,000 per year in student debt relief over a four-year service commitment. This makes New Mexico’s program “the most generous state-funded physician loan repayment offer in the nation,” followed by Georgia, which offers $37,000 per year, according to a May 26 state news release.
Previously, the state gave physicians up to $25,000 a year over three years. More than 25 other healthcare fields are eligible for debt relief up to $25,000 per year over three years.
Since the program launched in 2019, participation has grown by 3,500% with 1,213 nurses, physicians and mental health counselors currently receiving debt relief across the state.
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The state of Connecticut announced a grad loan program for those pursuing certain grad degrees. Borrowers can access up to $250K in loans at rates starting at 5.50%.
The state of Minnesota also announced a grad loan program for certain professional degrees (up to $300K) and other grad programs (up to $150K). The lowest rates (5.73%) require a cosignor.
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