New Mexico Statutes 21-21R-4. Scholarship authorized; administration
A. The department shall administer the Opportunity Scholarship Act and shall promulgate rules to carry out the provisions of that act.
Terms Used In New Mexico Statutes 21-21R-4
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
B. Scholarships shall be awarded to qualified eligible students in an amount not to exceed one hundred percent of tuition and fees after all other state financial aid has been applied. Qualifications shall be determined by rule of the department.
C. Prior to June 1 of each year, based on the amount appropriated by the legislature from the opportunity scholarship fund and on the projected enrollment at all public post- secondary educational institutions and tribal colleges, the department shall:
(1) determine the total amount of money available for all scholarships for eligible students;
(2) determine the award amount for public post-secondary educational institutions and tribal colleges; and
(3) notify all public post-secondary educational institutions and tribal colleges of the determinations made pursuant to Paragraphs (1) and (2) of this subsection.
D. In determining distribution and award amounts for the scholarships, the department shall:
(1) distribute to all public post-secondary educational institutions and tribal colleges an amount not to exceed the remaining balance in the opportunity scholarship fund; and
(2) subject to the provisions of Paragraph (1) of this subsection, distribute to each public post-secondary educational institution and tribal college an amount based on the projected enrollment at each public post-secondary educational institution and tribal college.
E. Prior to June 1 of each year through fiscal year 2028, the department shall determine the maximum distribution to each public post-secondary educational institution and tribal college based on the annual increase in the higher education price index for the mountain region.