New Mexico Gov. Michelle Lujan Grisham recently approved a $1.3 billion higher education budget for Fiscal Year 2025.
The allocation represents a nearly 4% increase in spending compared to the current Fiscal Year.
“Under Gov. Michelle Lujan Grisham’s visionary leadership, New Mexico is steadfast in its commitment to fostering accessible and equitable education for all,” Higher Education Secretary Stephanie M. Rodriguez said in a statement. “This significant funding underscores our dedication to realizing the promise of cradle-to-career education, empowering individuals, bolstering our economy, and enriching our communities. It exemplifies our unwavering belief that education is the cornerstone of progress and prosperity for every New Mexican.”
The governor allotted $162 million for the Opportunity Scholarship, the most in state history.
“Combined with the creation of the state Higher Education Trust Fund, New Mexico now dedicates a greater proportion of state funding to tuition-free college than any other state,” a release said.
Overall, 42,000 students received taxpayer funding last year, including 10,000 who attended college in the summer.
Since the Opportunity Scholarship Act took effect in 2022, statewide enrollment has increased by more than 7%; the state’s short-term certificate completion rate has also increased by 39%.
Between 2021 and 2022, recipients of the Opportunity Scholarship were 8 percentage points more likely to remain in school than their peers.
The state’s Health Loan Repayment program, which provides taxpayer-funded student loan repayment for health care workers received $14.6 million for the second straight year; it will provide $25,000 in loan forgiveness to 700 working doctors, nurses, dentists, mental health professionals, and others with a three-year service commitment.
Plus, the Teacher Loan Repayment Program got $5 million, as did the Teacher Preparation Affordability Scholarship.
Most ($1.1 billion) of the money will go to the state’s colleges and universities. Those 25 schools will receive 4% more funding than the previous year. Plus, the governor previously approved $325 million for capital outlay projects on campuses, $32.5 million for building renewal and replacement, and $5 million for equipment renewal and replacement. Employees of the state’s colleges and universities will receive on average a 3% pay increase and a 1% funding increase toward employee benefits.
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