N.M. Admin. Code § 5.7.20.12

Current through Register Vol. 35, No. 23, December 10, 2024

Section 5.7.20.12 - AMOUNT OF SCHOLARSHIP

A. To the extent that funds are made available from the fund, the board of regents or governing bodies of public post-secondary educational institutions and tribal colleges shall award legislative lottery scholarships in department-approved amounts to qualified students.

B. In no case shall a student receive a legislative lottery scholarship award exceeding the total amount of tuition charged to the student by the institution for a maximum of 18 credit hours per fall or spring semester or nine credit hours for a summer semester.

C. Qualified students in their graduating semester shall receive a legislative lottery scholarship proportional to the number of credit hours required to graduate.

D. If the fund does not cover full legislative lottery scholarships, the method the department will use for calculating the legislative lottery scholarship is as follows:

(1) estimate the total amount available in the lottery tuition fund, based on past lottery fund transfers, current year balances and additional funds made available through legislation;

(2) estimate the number of lottery scholarship recipients for each institution, based on department endorsed institutional projections;

(3) calculate the legislative lottery scholarship for each sector (research, comprehensive and community college) and tribal college in accordance with Section 21-21N-4 NMSA 1978;

(4) calculate the total amount needed to pay full tuition to all estimated recipients;

(5) compute an award for each scholarship recipient; and

(6) notify institutions.

N.M. Admin. Code § 5.7.20.12

5.7.20.12 NMAC -Rp, 5.7.20.12 NMAC, 8/15/2014, Adopted by New Mexico Register, Volume XXXV, Issue 12, June 25, 2024, eff. 6/25/2024