Federal Perkins Loan

Students must complete the FAFSA to be eligible. Students who demonstrate exceptional financial need and are in a medical or educational field of study may be eligible for the program. The maximum annual award is limited to $2,000 per student and is based on available funds.


One of the greatest advantages of the Federal Perkins Loan program is the cancellation option. A borrower may have all or part of the loan (including interest) cancelled/forgiven for engaging in public service such as teaching Special Education and disabled children, service in the education component of a Head Start program, service in the Peace Corps or ACTION, service in underserved or low-income areas, service as a Medical Technician, Nurse, Law Enforcement or Corrections Officer, or service in the military.

Contact the New Mexico Student Loans online at for current cancellation option information.