NM lottery scholarships to get big increase | Albuquerque Journal

Lawmakers this year passed legislation that untethered the scholarship from tuition rates. It is now a flat rate rather than a percentage of tuition, which supporters said would provide students more certainty. The law set it at $1,500 for research, $1,020 for comprehensive and $380 for community colleges but gives HED authority to adjust it up or down based on revenues.Marc Saavedra, executive director of the Council of University Presidents, which represents New Mexico’s four-year colleges and universities, said this week’s scholarship news was better than he expected.“We’re all very thankful and very, very excited about it,” he said.New Mexico requires the lottery to put 30 percent of its gross sales into the scholarships, and recent transfers show some improvement. Year-to-date transfers are $31.1 million, compared with $28.7 million for the same time period in fiscal 2017, according to reports on the lottery’s website.The scholarship is available to New Mexico high school graduates who attend one of the state’s public higher education institutions, take at least 12 (at community colleges) or 15 credit hours (four-year institutions) and maintain at least a 2.5 GPA.

Source: NM lottery scholarships to get big increase | Albuquerque Journal