New Mexico Statutes Chapter 21. State and Private Education Institutions § 21-21O-4. Scholarship authorized; administration; preference in scholarship awards

A. The department shall administer the Teacher Preparation 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, on the number of students enrolled in each public education department-approved teacher preparation program at a New Mexico public post-secondary educational institution or tribal college and on the percentage of the teacher preparation program'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 six thousand dollars ($6,000) per year for not more than five years as determined by rule of the department.

E. Public post-secondary educational institutions and tribal colleges shall make awards first to qualifying eligible students who:

F. After scholarships have been awarded to eligible students pursuant to Subsection E of this section, a public post-secondary educational institution or tribal college shall award scholarships to other eligible students as determined by department rule.

G. 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, and living expenses.