The New Mexico Higher Education Department site focuses on their own state college and student loan information, rather than on the federal programs.
The state spends $60 million per year on financial aid for colleges on programs like:
The Legislative Lottery Scholarship (8 semesters of tuition paid for at a public college in New Mexico)
or, for those who do not qualify for the lottery scholarship:
The Competitive Scholarship
The Education Trust Board Pathways Scholarship
The Legislative Endowment Scholarship
The New Mexico Scholars
NM Veterans Education & Training Programs
The Vietnam Veterans Scholarship
The Richard T. Knowles Legislative Scholarship
The Daniels Fund Scholarship Program
New Mexico also has a number of educational loan forgiveness programs (forgiven at the rate of 1 year of service for 1 year of loans):
Teacher Loan-For-Service- teacher forgiveness loans of $4,000 per year
Nursing Loan-for-Service- nursing student loan forgiveness- $12,000 per year
Medical Loan-for-Service- medical school loan forgiveness- $25,000 per year
Allied Health Loan-for Service- health fields forgiveness loans- $12,000 per year
Minority Doctoral Loan-for-Service- graduate school forgiveness loans- $15,000 per year
Nurse Educator Loan-for-Service- nursing faculty forgiveness loans, $5,000 per year
WICHE Loan-for-Service- allows students in graduate or professional programs to receive residential or reduced tuition rates in out of state schools- must agree to return to New Mexico to work- programs available for:
The New Mexico Higher Education Department has two programs that will repay school loans:
The Health Professional Loan Repayment Program
for repayment of outstanding student loans of practicing health professionals
must make a two year service commitment to practice full-time in a designated medical shortage area in New Mexico
eligible professionals are: allopathic physician, osteopathic physician and physician assistants, advanced practice nurses, allied health care providers, podiatrists, optometrists, and dentists
award is $25,000 per year or $35,000 per year for those working in a federal Health Professional Shortage Area (HPSA)
The Public Service Law Loan Repayment Assistance Program
provides legal educational loan repayment assistance to individuals providing public service in state or local government or the non-profit sector in New Mexico to low income or underserved residents.
requires a 3 year commitment to work in Public Service Law
eligible employers are: organizations that provide for the care and maintenance of indigent persons in New Mexico through civil legal services; the Public Defender’s Department; or a New Mexico district attorney's office
award is $7,200 per year
Federal Loans for College
The Federal Family Education Loan Program (FFELP) guarantee agency for New Mexico was the New Mexico Student Loan Guarantee Corporation.
But now all federal student loans are distributed through Direct student loans. There are no longer any added benefits for New Mexico students taking out these loans. If you are still in school and have FFELP loans, you may consolidate them into Direct loans while you are in school (until July 1, 2011).
The New Mexico Higher Education Department provides a great deal of support to students that intend to go to a college within the state. 
