(The Center Square) – New Mexico Governor Michelle Lujan Grisham recently approved a $1.3 billion higher education budget for fiscal year 2025.
This allocation means a nearly 4% increase in spending compared to the current year.
“Under the visionary leadership of Governor Michelle Lujan Grisham, New Mexico remains resolute in promoting accessible and equitable education for all,” Secretary of Higher Education Stephanie M. Rodriguez said in a statement. We are working on it.” “This significant funding affirms our dedication to cradle-to-career education and delivering on our promise to empower individuals, strengthen our economies, and enrich our communities. , embodies our unwavering belief that education is the foundation of progress and prosperity for all New Mexicans.”
The Governor allocated $162 million for Opportunity Scholarships, the highest amount in state history.
“In conjunction with the creation of the State Higher Education Trust Fund, New Mexico now devotes more state funds to tuition-free college than any other state,” the release states.
Overall, 42,000 students received taxpayer funding last year, including 10,000 who attended university 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 also increased by 39%.
In 2021-2022, Opportunity Scholarship recipients were eight points more likely to remain in school than other students.
The state's health care loan forgiveness program, which provides taxpayer-funded student loan repayments to health care workers, received $14.6 million for the second year in a row. Provides $25,000 in loan forgiveness to 700 employed doctors, nurses, dentists and mental health professionals who have completed three years of service.
Additionally, $5 million was donated to the Teacher Loan Repayment Program and Teacher Preparation Affordable Scholarships.
Most of the funding ($1.1 billion) will go to the state's colleges and universities. These 25 schools will receive 4% more funding than last year. Additionally, the Governor previously approved $325 million for campus capital expenditure projects, $32.5 million for building updates and replacements, and $5 million for facility updates and replacements. Employees at the state's colleges and universities will receive, on average, a 3% salary increase and a 1% increase in funding for employee benefits.
According to the release, other expenditures included in this expenditure include:
$15 million for the Health Professions Loan Repayment Program $14.8 million to expand nurse education programs $25 million to provide matching funds for university research $25 million for scholarships for master's and doctoral students pursuing STEM degrees $10 million to create endowed faculty positions and social work scholarships $10 million for education programs $20 million to support students in workforce training programs not covered by other financial aid programs Adults in integrated education training programs $2 million for pilot programs to support students $3.725 million for RISE NM, the state's education and workforce longitudinal data system $3 million for social services, agriculture, early childhood education, cybersecurity, renewable energy, and biosciences $750,000 for the state's six centers of excellence $750,000 for adult literacy programs $1 million for dual credit programs at public universities $600,000 for dual credit programs at tribal colleges and universities $6,828,000 for adult education programs, including sex testing vouchers. $5 million for the Teacher Preparation Affordability Scholarship $5 million for the Teacher Loan Repayment Program $5.5 million for cybersecurity initiatives for K-12 and higher education
