NEW MEXICO FINANCIAL INCENTIVES FOR HEALTH PROFESSIONALS

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1 NEW MEXICO FINANCIAL INCENTIVES FOR HEALTH PROFESSIONALS ALL S NOTED BELOW ARE COMPETITIVE WITH NO AWARD GUARANTEE ALLIED HEALTH STUDENT LOAN FOR SERVICE who are accepted by or enrolled at an accredited New Mexico public post-secondary institution: Physical therapy, occupational therapy, speech-language pathology, audiology, pharmacy, nutrition, respiratory care, laboratory technology, radiologic technology, mental health services, emergency medical services, or a licensed or certified health profession as defined by the Higher Education Department. Two year service commitment in a designated health professional shortage area MEDICAL STUDENT LOAN FOR SERVICE Physicians and physician assistants Up to $25,000 annually, financially need-based, part-time pro-rated Service commitment in a designated health professional shortage area. NURSING STUDENT LOAN FOR SERVICE Nurses Two year service commitment in a designated health professional shortage area 1

2 OSTEOPATHIC MEDICAL STUDENT LOAN FOR SERVICE Osteopathic medical doctors and osteopathic physician assistants Service commitment in a designated health professional shortage area NURSE EDUCATOR LOAN FOR SERVICE For students enrolled in an accredited institution to become Nursing Educators Amount of award is $5,000 per year Award used for educational purposes - NOT based on financial need Default penalty is 7% plus principal 3 year service commitment at a NM public college Awards made before the fall semester begins GRADUATE SCHOLARSHIP Graduate students enrolled at a New Mexico four-year public postsecondary institution Preference will be given to students enrolled in business, engineering, computer science, mathematics, agriculture, and American Indian graduate students Up to $7,500 internship NEW MEXICO HEALTH PROFESSIONAL LOAN REPAYMENT Two year service commitment in a health professional shortage area Primary Care Physicians (to include a physician, allopathic or osteopathic with a specialty in family or general medicine, general internal medicine, general pediatrics and obstetrics and gynecology, other specialties may be considered at the discretion of the committee); Physician Assistants; Advanced Practice Nurses; Dentists, Podiatrists, Optometrists & Allied Health Care Providers Up to $35,000 annually Application available March 1 www. hed. state. nm. us 2

3 NEW MEXICO HEALTH SERVICE CORPS Must be a New Mexico resident Enrolled or accepted by an accredited or approved educational program of study or be engaged in a residency training program or preceptorship Be within 24 months of completion of the program of study and becoming eligible to apply for a license or certificate in the profession of study Primary Care Physicians (FP, IM, OB/GYN, PED); Family Nurse Practitioners; Physician Assistants; Dentists; Dental Hygienists; Emergency Medical Technician-Paramedic Up to $40,000 stipend (2 awards of $20,000, less for non-physician) Two year service commitment (1600 hours a year) in a designated health professional shortage area Application available Mav-June; deadline mid September NM Department of Health/Office of Primary Care & Rural Health, (505) ; [email protected] NATIONAL HEALTH SERVICE CORPS LOAN REPAYMENT $50,000 for initial 2 year contract ($25,000 per year for 2 years) Minimum 2 year service commitment Must work full time (min. 40 hrs week), 32 hours of outpatient clinical services, Obgyn and CNM exception: 21 hours of clinical, on-call status is not credited; no more than 35 days vacation leave per year; no more than 12 hrs work in a 24 hour period Primary care only must have a qualifying HPSA score set each year (HPSA = sliding fee scale, accept Medicaid/Medicare). HPSA sites are Community Health Centers, Rural Health Clinics, Health Departments, IHS, Bureau of Prisons, some private practices in VERY rural areas) Applications will be accepted continuously until funds are expended or September 30, 2010, whichever comes first 3

4 NATIONAL HEALTH SERVICE CORPS SCHOLARS Minimum two-year service commitment MD & DO (FP, IM, OB/GYN, PED); Dentist; Family Nurse Practitioner; Physician Assistant; CNM Apply last year of undergraduate school Offer letter, Acceptance letter Board scores Permanent license from the practicing state Start date verification letter from the site National practitioner databank report You have to sign up by to be notified when the application for the next school year is available WICHE LOAN FOR SERVICE Western Interstate Commission on Higher Education-New Mexico students enrolled at selected out-of-state graduate or professional programs which are not offered at New Mexico public universities Includes Dentistry; Graduate Library Studies; Optometry; Veterinary Medicine; Osteopathic Medicine Average $21,300 per year up to 4 years Must return to New Mexico Applications available in August for next school year Applications must be postmarked by October 15 NM RURAL HEALTH CARE PRACTITIONER TAX CREDIT NM Department of Health administers the program Eligible health care practitioners who have provided health care services in a designated underserved rural health care area can apply for an income tax credit Physicians, Osteopathic physicians, Dentists, Clinical psychologists, podiatrists & optometrists are eligible for a tax credit of $5,000 per year Dental Hygienists, Physician Assistants, Certified Nurse Midwives, Certified Registered Nurse Anesthetists, Certified Nurse Practitioners and Clinical Nurse Specialists are eligible for a tax credit of $3,000 per year For downloadable application go to Go to Care" section on the left hand side Phone

5 APPLICATION FEE TO BE WAIVED BY THE NEW MEXICO MEDICAL BOARD The New Mexico Medical Board (NMMB) is now waiving the $400 licensure application fee for applicants who choose New Mexico as their first state of licensure The licensure application is available on the Board's web site: Contact the NMMB for additional information at (505) or For more information on any of these programs, you may contact New Mexico Health Resources (NMHR) at