by Caleb Fort
Daily Lobo
New Mexico students who don't qualify for the Lottery Success Scholarship may soon have another option to help pay for school.
Legislators approved $49 million for need-based aid for college students during the last legislative session.
The College Affordability Act is a good way to increase the graduation rate of students, said Beverlee McClure, state secretary of Higher Education.
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"If we really want to increase the success rates, we need to make sure students can afford education," she said. "It stands to reason that need-based aid is absolutely the way to do this."
The grant will be good for up to $1,000 per semester for up to eight semesters. It has the same eligibility requirements as the U.S. Federal Pell Grant. To determine eligibility and how much a student will receive, the Pell Grant uses a formula based on the cost of the institution and how much a student's family can contribute.
Unlike the Lottery Scholarship, the grant is available to students who are not going to college immediately out of high school. It is based on how much a student needs money for college, rather than the student's academic performance or other factors.
The grant is a good investment of state money, said student Sam Burdett.
"It makes more sense in a lot of ways than investing in, say, increasing gas and oil production in the state," he said. "If you want the state to become more successful, then you have to invest in people - and education is one of the best ways to do that."
Gov. Bill Richardson has to approve the act before the money becomes available to the scholarship. Richardson proposed the act in November 2005.
"I think it's very likely that he will approve it, because it's his proposal," Burdett said. "I think he'll definitely sign it."
Student Brenna Buerkle said the scholarship is a good proposal, but she said she has some concerns.
"I think it's a good idea to help people go to college," she said. "But I think maybe they should do it a little bit at a time. I don't know if it should be as much money as it is."
Student David Scarpetti disagreed. The state should spend as much money as possible on education, he said.
"I support spending almost any amount of money on education," he said. "If it was $100 million, I would say go for it, because in the end you educate the people. Then it all comes back - it comes back tenfold."
McClure said she expects to distribute 30 percent to 50 percent of the money during the next academic year. The rest will be invested in an effort to build up a $250 million fund for the grant.
Students apply for the grant through their school's financial aid office. The process will be as easy as possible, McClure said.
"There's not going to be additional forms. There's not going to be additional hoops," she said. "We are trying to make sure there are no additional boundaries for students who need this money."
The grant will only be available to students who are taking six credit hours or more per semester.
"Those will be the people who are working their way through college," McClure said. "It's all part of an effort to benefit as many students as we can."
McClure was not sure how many grants will be awarded this year, or how many students will apply for the grant, she said.
"We do know that we're not going to be able to serve everybody," she said.
The department has not finalized a system for deciding which eligible applicants will receive the grant, she said.
