NM SB11

Creates a nurse loan repayment program to help licensed registered nurses and licensed practical nurses repay education loans in exchange for working in designated underserved areas or serving as nursing faculty/preceptors at New Mexico post-secondary institutions

Establishes annual awards of up to $7,500 for the first two years and $10,000 for the second two years, with a maximum of $35,000 over a four-year contract period; recipients may apply for a second four-year contract

Requires a minimum four-year service commitment with quarterly reporting; recipients who fail to comply face penalties of the award amount plus 15% interest, with provisions allowing part-time employment (at least 50%) with extended service periods

Creates a nurse selection committee composed of the secretaries of health care authority and health, the dean of the highest-producing nursing college, and the chair of the board of nursing to identify and rank underserved areas and assist with eligibility criteria

Appropriates $5 million from the general fund to a newly created nonreverting nurse loan repayment fund for fiscal year 2027 and subsequent years