The proposed bill establishes a three-year pilot program called the "monetary stipend project," aimed at providing monthly assistance payments to eligible adults who are former foster or delinquent children. The project seeks to demonstrate that financial support for basic cost-of-living expenses can enhance educational, employment, and health care outcomes for these individuals. Eligibility criteria include being a New Mexico resident, a U.S. citizen or lawful permanent resident, and under the age of twenty-six, with specific participation in educational or workforce development programs. The higher education department will administer the program and determine individualized stipend amounts, which cannot exceed $2,000 per month, based on participants' income and other public assistance.

Additionally, the bill outlines the responsibilities of the higher education department, including the creation of application procedures, evaluation methodologies, and the requirement to report on the project's progress to the legislative health and human services committee biannually. A total of $3 million is appropriated from the general fund for the project, covering fiscal years 2026 through 2028, with any unspent funds reverting to the general fund at the end of the project.