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 and continuing eligibility, requiring students to maintain a minimum GPA of 3.0 and enroll in at least six credit hours in a graduate field of study.

Additionally, the bill specifies that scholarship amounts will cover up to 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's rules. 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