PHYSICIAN LOAN REPAYMENT ACT

SB 411 creates a program to repay medical school loans for physicians who commit to working in New Mexico's designated health shortage areas for four years. Eligible physicians must be licensed in New Mexico, reside in the state, and agree to practice in underserved communities. The state would repay up to $75,000 annually (capped at $300,000 total) toward qualifying education loans, excluding scholarships, personal loans, or debts from state aid programs. Physicians who fail to fulfill the service commitment face penalties including repayment of the award plus interest. The program is funded through a new state trust fund administered by the Higher Education Department.