2021 New Mexico Statutes
Article 21L - College Affordability
Section 21-21L-5 - Scholarship authorized; administration; preference in scholarship awards.

A. The department shall administer the College Affordability Act and shall promulgate rules to carry out the provisions of that act.
B. Scholarships shall be awarded to qualified eligible students. Qualifications shall be determined by rule of the department.
C. The department shall allocate money to public post-secondary educational institutions and tribal colleges based on a student need formula calculated according to income reported on the free application for federal student aid and on the percentage of the institution's students classified as returning adults who are otherwise ineligible for state financial aid.
D. Public post-secondary educational institutions and tribal colleges shall make awards to qualifying eligible students based on financial need in an amount not to exceed one thousand five hundred dollars ($1,500) per semester as determined by rule of the department.
E. Money for the scholarship shall be placed in an account at the public post-secondary educational institution or tribal college in the name of the eligible student, and the money may be drawn upon to pay educational expenses charged by the institution, including tuition, fees, books and course supplies.
History: Laws 2005, ch. 192, § 5; 2007, ch. 70, § 4; 2007, ch. 71, § 4; 2007, ch. 85, § 4; 2019, ch. 56, § 1.
The 2019 amendment, effective June 14, 2019, increased the per-student per-semester college affordability scholarship maximum amount; and in Subsection D, changed "one thousand dollars ($1,000)" to "one thousand five hundred dollars ($1,500)".
The 2007 amendment, effective July 1, 2007, required the higher education department to allocate money to public post-secondary educational institutions and tribal colleges and deleted the limitation on scholarship awards to eight consecutive semesters.

Structure 2021 New Mexico Statutes