New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 7 - TUITION AND FINANCIAL AID
Part 8 - NEW MEXICO STUDENT INCENTIVE GRANT (NMSIG) PROGRAM
Section 5.7.8.6 - OBJECTIVE
Current through Register Vol. 35, No. 18, September 24, 2024
The objective and purpose of 5.7.8 NMAC is to provide aid for undergraduate students with substantial financial need who are attending public and selected private non-profit post-secondary institutions in New Mexico.
A. Title IV, Part 692, Subparts A and B, of the Higher Education Act of 1965, as amended, established the leveraging educational assistance partnership (LEAP) program to make federal funds available to the states for the establishment or expansion of grant programs for undergraduate students who are able to demonstrate substantial financial need.
B. Utilizing these funds, New Mexico can provide grants to qualified students of up to $2,500 per academic year, including summer session enrollment. Recipients of such grants must be residents of New Mexico who exhibit substantial financial need. They must also be undergraduates enrolled at least half-time at accredited public and private non-profit post-secondary institutions within the state.
C. To obtain the LEAP funds, New Mexico has designated the higher education department as the "single state agency" to administer the program under Title IV, Part 692, Subparts A and B, of the Higher Education Act of 1965, as amended.
