Eljin Gorman, a sports medicine teacher at Clovis High School, is among nearly 1,000 teachers who received assistance with student loans as new applicants.
By participating in the Teacher Loan Repayment Program funded by the state, Gorman cut approximately $55,000 he originally owed in student loans down by nearly $6,000 in a short period of time.
"Obviously, a nickel here and there will definitely make a big impact," Gorman told Albuquerque Journal. “The best part about it is … that you have reassurance that it's not just you paying for your student loans — it's your state, and you have extra support."
The Teacher Loan Repayment Program is intended "to increase the number of teachers in designated high-need teacher positions in public schools through an educational loan repayment program," according to the New Mexico Higher Education Department's (NMHED) website. "The program provides for repayment of the principal and reasonable interest accrued on loans obtained from the federal government for teacher education purposes."
In addition to the 966 new applicants who received an award, another 445 had existing awards renewed, according to a news release from the NMHED. That marks the largest number of teachers to benefit from the program in a single year. Gov. Michelle Lujan Grisham (D-NM) expanded the state's funding from $3 million to $5 million last year. An estimated 1,500 teachers have benefited.
Teachers can receive up to $6,000 annually for two years toward outstanding federal student loans, the news release noted. The program is intended for teachers in high-need positions such as bilingual, special, or early childhood education; STEM courses; and low-performing schools that serve high populations of economically disadvantaged students. Award recipients must commit to staying in the profession for two years.
"The New Mexico Higher Education Department has continued to break records with the number of teachers receiving debt forgiveness through our Teacher Loan Repayment Program, making it possible for these dedicated professionals to remain in the classroom and focus on doing what they do best — shaping New Mexico's future," Stephanie Rodriguez, secretary for NMHED, said the news release.
NMHED asked for $10 million for the program for the coming fiscal year, according to the news release. Officials estimate that amount could benefit 1,600 teachers.
"Not only is New Mexico helping more teachers than ever before benefit from student loan relief through the Teacher Loan Repayment Program, we are also keeping more money in teachers' pockets thanks to much-deserved pay increases," Lujan Grisham said in the news release. "2022 was a record-breaking year for education, and in 2023, we will continue investing in effective programs that make a difference for New Mexico's educators, families, and communities."
