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Loans are an important component of assisting students in meeting their educational expenses.
If you plan on using a loan, we encourage you to fully understand the terms of each loan and borrow only what is needed. Repayment and employment options are also a key component in your research. Make sure you understand all your repayment obligations before accepting a loan. Learn more about managing your loans.
Review the list below of Undergraduate and Graduate Loan Options our nursing students are using.
Loan Repayment
Care for our most vulnerable populations and qualify for a loan repayment program.
Repayment options for you.
Learn More
Undergraduate Student Loans
Federal Student Loans
If you apply for financial aid, you may be offered loans as part of your school’sfinancial aid offer. Aloanis money you borrow and must pay back withinterest.
If you decide to take out a loan, make sure you understand who your loan servicer is and the terms and conditions of the loan. Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. Loans borrowed from the federal government are called federal student loans. Typically, these loans have more benefits than private student loans or loans from other sources.
Nursing Loan-for-Service Program
The purpose of the Nursing Loan-For-Service Program is to increase the number of nurses in areas of the state that have experienced shortages by making educational loans to students entering nursing programs.
As a condition of each loan, the student shall declare his/her intent to practice as a health professional in a designated shortage area within the state of New Mexico.
For every year of service provided in a designated shortage area within New Mexico, a portion of the loan will be forgiven. If the entire service agreement is fulfilled, 100% of the loan is eligible for forgiveness. Penalties will be assessed if the service agreement is not satisfied.
Private Student Loans
Private student loans provided by banks, credit unions and other lenders can help bridge the gap between the financial aid you have already received for college and the total cost of attendance.
Using a free loan comparison tool, students can compare loan details, interest rates, repayment terms, and eligibility requirements for various private student loan lenders.
P.E.O. Philanthropic Educational Loan Fund
The P.E.O. Educational Loan Fund (ELF) makes loans available to qualified women who desire a higher education and are in need of financial assistance. All applicants for the ELF must be recommended by a local chapter of the P.E.O. Sisterhood. The current rate of interest is 2%.
Graduate Student Loans
Federal Student Loans
If you apply for financial aid, you may be offered loans as part of your school’sfinancial aid offer. Aloanis money you borrow and must pay back withinterest.
If you decide to take out a loan, make sure you understand who your loan servicer is and the terms and conditions of the loan. Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. Loans borrowed from the federal government are called federal student loans. Typically, these loans have more benefits than private student loans or loans from other sources.
Private Student Loans
Private student loans provided by banks, credit unions and other lenders can help bridge the gap between the financial aid you have already received for college and the total cost of attendance.
Using a free loan comparison tool, students can compare loan details, interest rates, repayment terms, and eligibility requirements for various private student loan lenders.
Nurse Educator Loan-for-Service Program
The purpose of the Nurse Educator Loan-For-Service Program is to enhance the ability of college- and university-employed nursing educators in New Mexico to obtain Bachelor of Science, Master of Science and Doctor of Philosophy degrees.
For every year of service provided, a portion of the loan will be forgiven. If the entire service agreement is fulfilled, 100% of the loan is eligible for forgiveness. Penalties will be assessed if the service agreement is not satisfied.
Nurse Faculty Loan Program
The College of Nursing has limited Nurse Faculty Loan funding for graduate students who have a goal of teaching nursing at the university/college level upon degree completion. The typical award covers full or partial tuition, fees and book allowance. There is a service payback commitment of teaching in a nursing program for 4 years at the public university/college level within 12 months following graduation. The service obligation results in the cancellation of 85% of the loan. A student may be awarded up to 5 years of funding if funding is available.
Students must apply through the College of Nursing Financial Aid Office. Email HSC-CON-FinancialAid@salud.unm.edu to learn more and apply.
P.E.O. Philanthropic Educational Loan Fund
The P.E.O. Educational Loan Fund (ELF) makes loans available to qualified women who desire a higher education and are in need of financial assistance. All applicants for the ELF must be recommended by a local chapter of the P.E.O. Sisterhood. The current rate of interest is 2%.
Contact Our Team
Financial Aid Office
College of Nursing
Building Number 228, Suite 260
1 University of New Mexico
Phone: 505-272-0854
HSC-CON-FinancialAid@salud.unm.edu
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