The bill amends the Graduate Scholarship Act to modify eligibility criteria and increase scholarship awards for New Mexico residents pursuing graduate education. Key changes include a focus on prioritizing students with the greatest financial need and those from groups traditionally underrepresented in graduate education. The definition of "award recipient" is clarified to specify that it refers to New Mexico residents who receive a graduate scholarship. Additionally, the conditions for both first-year and continuing eligibility have been updated, ensuring that students must maintain a minimum GPA of 3.0 and enroll in at least six credit hours in a graduate field of study to qualify for the scholarship.

Furthermore, the bill stipulates that scholarship amounts will cover up to 100% of tuition and fees for the graduate program at eligible institutions, 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 are set to 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