2006 New Mexico Statutes - Section 21-21L-5 — Scholarship authorized; administration; preference in scholarship awards.

21-21L-5. Scholarship authorized; administration; preference in scholarship awards.

A.     The commission shall administer the College Affordability Act [ 21-21L-1 NMSA 1978] and shall promulgate rules to carry out the provisions of that act.

B.     Scholarships shall be awarded to qualified applicants.  Qualifications shall be determined by rule of the commission.

C.     The commission shall allocate money to public post-secondary educational institutions 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 shall make awards to qualifying students based on financial need in an amount not to exceed one thousand dollars ($1,000) per semester as determined by rule of the commission.

E.     Money for an awarded scholarship shall be placed in an account at the public post-secondary educational institution in the name of the student, and the money may be drawn upon to pay educational expenses charged by the institution, including tuition, fees, books and course supplies.