The bill amends the Graduate Scholarship Act to change eligibility criteria and increase scholarship awards for New Mexico residents pursuing graduate education. Key definitions are clarified, including the terms "award recipient," "eligible institution," and "graduate field." The bill prioritizes scholarships for students with the greatest financial need and those from groups traditionally underrepresented in graduate education. It establishes conditions for first-year eligibility, requiring students to have a bachelor's degree with a minimum GPA of 3.0, meet admission requirements, and enroll in at least six credit hours in a graduate field.

Additionally, the bill outlines conditions for continuing eligibility, allowing re-awarding of scholarships to students who maintain a GPA of 3.0 or higher and remain enrolled in their program. The maximum scholarship amount is set to cover 100% of tuition and fees for the academic year, with funding provided for one semester at a time. Scholarships will be terminated if the recipient withdraws from the institution, fails to maintain the required GPA, or does not comply with the Graduate Scholarship Act. The provisions of this act will take effect on July 1, 2025.

Statutes affected:
introduced version: 21-21G-3, 21-21G-5, 21-21G-6, 21-21G-7, 21-21G-10
Final Version: 21-21G-3, 21-21G-5, 21-21G-6, 21-21G-7, 21-21G-10