New Initiative Aims to Pay Educator Student Loans
New Mexico has the second highest student loan default rate in the country. And teacher shortages across the state were a major concern even before the pandemic. Now, the New Mexico Higher Education Department has a brand new program to help educators make a dent in student loans.
The Teacher Loan Repayment Program just announced that it would help teachers with outstanding debt to have their loans diminished or even eliminated altogether.
“Supporting current and future teachers from diverse backgrounds is critical to addressing teacher shortages and improving outcomes for all New Mexicans from cradle to career.”
That’s Stephanie Rodriguez, Cabinet Secretary for the New Mexico Higher Education Department. She said the program serves to encourage educators to work in high need areas like bilingual education, special education, STEM, and low-performing schools serving economically disadvantaged populations.
Recipients have to agree to a two-year teaching commitment and could receive up to $6,000 per year.
Applications are open now and close on August 1st at 5pm.