New Mexico Governor Enacts $1 Billion College Trust Fund Legislation
New Chapter for New Mexico: The Dawn of Tuition-Free College
Imagine a future where college degrees are within reach for every aspiring student in New Mexico—without the burden of tuition fees. This week, that future got closer to reality when Governor Michelle Lujan Grisham signed Senate Bill 159, ushering in an era of greater educational accessibility with a nearly $1 billion trust.
“By creating this fund, New Mexico is keeping our original promise of tuition-free college for residents and cementing our status as the nation’s leader for college equity and access,” Governor Lujan Grisham stated.
New Mexico is trailblazing a path, becoming the first state to establish trust funds for both early childhood and higher education.
The Pillars of Progress: Tax Stabilization Reserve and Higher Education Trust Fund
The newly-minted Higher Education Trust Fund, supported by the Tax Stabilization Reserve, is poised to be a game-changer. It ensures that even when state funding wavers, scholarships like the Opportunity and Lottery Scholarships will still cover full tuition for qualified students. This fund acts as an educational lifeline, injecting $959 million in initial funding and yielding approximately $47.95 million for educational pursuits in the fiscal year 2025.
New Mexico now boasts the largest higher education trust fund in the US. It’s a monumental step forward—ensuring generations to come will have access to higher education, bolstering the state’s economic strength.
“The Higher Education Trust Fund will make it possible for New Mexicans to continue to go to college tuition-free for years, enriching our workforce and securing the future for countless families,” voiced Senator Pete Campos, the bill’s champion.
A Legacy of Learning: Opportunity Scholarship Act
In 2022, Governor Lujan Grisham signed the Opportunity Scholarship Act, a promise made real for myriad New Mexicans via $162 million earmarked for 2025. Today, over 42,000 New Mexicans have their tuition covered. This investment has sparked a surge in enrollment for short-term career training—up 39%—and those with scholarships are 8% more likely to persist in their education.
Among these scholars, there’s a striking trend: they are predominantly Hispanic, female, from low-income backgrounds, and under 24. Since the inception of the scholarship program, college enrollment in New Mexico has leaped by over 7%.
The Lottery Scholarship: A Winning Educational Bet
New Mexico’s Lottery Scholarship, established in 1996, has been another cornerstone, covering full tuition for approximately 10,000 students each year. Notably, 86% of recipients who benefit for six semesters walk away with a degree or certification.
Dreaming of jumping into this educational utopia? Discover the details on eligibility for the Opportunity and Lottery Scholarships at reachhighernm.com.
As New Mexico embarks on this empowering educational journey, it stands as an exemplar of a state deeply invested in the future of its youth, its workforce, and the enduring value of education for all.
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