The bill amends the Graduate Scholarship Act to modify eligibility criteria and increase scholarship awards for graduate students in New Mexico. Key changes include defining "academic year" as a consecutive period of two semesters, specifying that award recipients must be New Mexico residents, and clarifying that eligible institutions are graduate-degree-granting state universities accredited by the Higher Learning Commission. The bill also emphasizes prioritizing students with the greatest financial need and those from underrepresented groups in graduate education. Additionally, it establishes that scholarships may cover up to 100% of tuition and fees for the graduate program, with funding provided one semester at a time.

Further amendments include conditions for first-year and continuing eligibility, such as maintaining a minimum GPA of 3.0 and enrolling in at least six credit hours in a graduate field of study. The bill also stipulates that scholarships will be terminated if the recipient withdraws from the eligible institution or fails to maintain the required academic standards. The effective date for these changes is set for July 1, 2025.

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