This is an
amendment to 5.7.23 NMAC, Sections 7, 8, 9 and 10 effective 7/30/2019.
5.7.23.7 DEFINITIONS:
[A. "Department" means the New Mexico higher education
department.
B. "Grant" means the college affordability grant.]
[C] A. "Academic year" means any consecutive period of two
semesters, three quarters or other comparable units commencing with the fall
term each year.
[D] B. "Award recipient" means a student awarded a college affordability
grant.
C. "Department" means the New Mexico higher education
department.
[E] D. "Eligible institution" means any New Mexico public post-secondary
institution or accredited tribal college.
E. "FAFSA" means the free application for
federal student aid.
F. "Grant" means the college affordability
grant.
G. "Half-time" means an enrolled student who is
carrying a half-time academic work load as determined by the institution
according to its own standards and practices.
H. "Returning
adult" means a student
enrolling in a public post-secondary educational institution at any time later
than the first semester following high school graduation or the award of a
high-school equivalency credential recognized by the State of New Mexico.
[F] I. "Satisfactory academic
progress" means
maintaining the required academic progress toward degree completion as
determined by the institution.
[G. "Half-time" means an enrolled student who is
carrying a half-time academic work load as determined by the institution
according to its own standards and practices.]
[H] J. "Undergraduate student" means a student who is enrolled in a
degree-seeking program and has not earned his or her first baccalaureate
degree.
[I. "Returning
adult" means a student
enrolling in a public post-secondary educational institution at any time later
than the first semester following high school graduation or the award of a
general educational development certificate.
J. "FAFSA" means the free application for
federal student aid.]
[5.7.23.7 NMAC - N, 12/31/2007; A, 5/30/2008; A,
7/30/2019]
5.7.23.8 STUDENT ELIGIBILITY:
A. First year
eligibility. College affordability grants
may be granted to an individual who:
(1) is a resident of New Mexico as defined in 5.7.18.9 NMAC or
is eligible for the nondiscrimination waiver as defined in Subsection K of
5.7.18.10 NMAC;
(2) is enrolled at least half time as an undergraduate student
at a New Mexico public college or university or tribal college;
(3) has demonstrated financial need as determined by the eligible
college or university; and
(4) has completed a high school diploma or [general
educational development (GED) diploma] high-school equivalency
credential recognized by the State of New Mexico.
B. Students demonstrating
a financial need shall:
(1) complete the FAFSA;
(2) have unmet need after all other financial aid has been
awarded; and
(3) may not be receiving any other state grants or scholarships.
C. Continuing
eligibility. Grants may be renewed to an
individual who:
(1) maintains
satisfactory academic progress;
(2) remains enrolled for at least half- time status; and
(3) continues to demonstrate financial need as determined by the
college or university.
[5.7.23.8 NMAC - N,
12/31/2007; A, 5/30/2008; A,
7/30/2019]
5.7.23.9 AMOUNT OF GRANT:
A. Each grant award
is for a period of one year and shall not exceed [$1,000] one
thousand five hundred dollars ($1,500) per semester. The grant may be renewed on an annual basis or
until the student graduates with a bachelor’s degree from an eligible
institution.
B. Summer grants
may be provided, if the amount thereof would not cause the two semester
cumulative limit of [$2,000] three thousand dollars ($3,000) to
be exceeded.
C. Transferability
from institution to institution will be subject to available funding.
D. A leave of
absence may be approved by the institution if extenuating circumstances exist
for a period not to exceed one year.
E. Part-time awards
will be pro-rated.
(1) Grants
offered to students enrolled three-quarters time may not exceed [$750] one
thousand one hundred and twenty five dollars ($1,125) per semester.
(2) Grants
offered to students enrolled half-time may not exceed [$500]
seven hundred and fifty dollars ($750) per semester.
[5.7.23.9 NMAC - N,
12/31/200; A, 5/30/2008; A,
7/30/2019]
5.7.23.10 ADMINISTRATION OF THE COLLEGE AFFORDABILITY
GRANT:
A. Eligible public
colleges and universities shall:
(1) develop a method to notify students of their possible
eligibility;
(2) designate
an officer responsible for administering the program; the officer designated by
the institution shall be responsible for determining initial and continuing
student eligibility for the college affordability grant under the terms of
these rules and regulations;
(3) provide
an annual report to the department to include the number of grants, amount of grants
awarded, number of grants renewed, and ethnicity and gender of students receiving
the grant;
(4) enter into consortium agreements, as defined in the code of
federal regulations, 34 CFR 6685, in order to greater facilitate the enrollment
of students and to facilitate the student’s participation in this program.
B. The department
shall:
(1) allocate
money to eligible colleges and universities based on a student need formula
calculated according to income reported on the FAFSA and on the percentage of
the institution's students classified as returning adults who are other wise ineligible for state financial aid;
(2) invest, through the state investment council, the
appropriated funds, while transferring fifty percent of the interest or at
least [$2,000,000] three million dollars ($3,000,000) to the
college affordability scholarship fund to provide for new awards;
(3) convene an annual meeting with the financial aid directors
of eligible institutions to review the program; and
(4) conduct audits to ascertain compliance with rules and regulations.
C. At least a
random audit of each participating institution's records shall take place on at
least an annual basis by members of the department staff. If, during the audit process, evidence
indicates that a student should not have received a scholarship, the
institution will be held harmless for a semester payment, if the student's file
is appropriately documented. The
institution must notify the student of termination of their award, subject to
continuing eligibility requirements.
[5.7.23.10 NMAC - N,
12/31/2007; A, 5/30/2008; A,
7/30/2019]