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SPONSOR: |
Lopez |
DATE TYPED: |
01/29/02 |
HB |
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SHORT TITLE: |
Single Parent Scholarship Act |
SB |
128 |
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ANALYST: |
Fernandez |
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APPROPRIATION
|
Appropriation
Contained |
Estimated
Additional Impact |
Recurring Or Non-Rec |
Fund Affected |
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|
FY02 |
FY03 |
FY02 |
FY03 |
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|
|
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2,000.0 |
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|
Recurring |
Single Parent Scholarship |
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|
|
|
|
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|
(Parenthesis
( ) Indicate Expenditure Decreases)
Duplicates/Relates
to Appropriation in The General Appropriation Act
REVENUE
|
Estimated Revenue |
Subsequent Years
Impact |
Recurring or Non-Rec |
Fund Affected |
|
|
FY02 |
FY03 |
|
|
|
|
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2,000.0 |
|
Recurring |
Single Parent Scholarship |
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(2,000.0) |
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Recurring |
Lottery Tuition Scholarship |
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|
|
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(Parenthesis ( ) Indicate Revenue Decreases)
LFC files
Commission on Higher Education (CHE)
New Mexico Lottery Authority
SUMMARY
Synopsis
of Bill
Senate Bill 128
creates a scholarship program for low-income single parents returning to a
public post-secondary institution in New Mexico to continue their
education. The program is funded with
net revenues from the lottery and is in effect July 1, 2002 through June 30,
2006.
Significant
Issues
Qualifications for a scholarship:
¨
Must be a single custodial parent with financial
need;
¨
Must be enrolled full-time in a post-secondary
institution;
¨
Must be a United States citizen and resident of
New Mexico for in-state tuition purposes;
¨
Returned to school after not being enrolled in a
post-secondary institution for at least two semesters prior to the qualifying
semester; and
¨
Maintain a 3.0 grade point average or higher
each semester.
Recipients that qualify for a scholarship can receive up to $375 per semester or $750 per year and may use the money for tuition, books, fees, child care or other costs incurred while attending a post-secondary institution.
FISCAL IMPLICATIONS
Senate Bill 128
creates the Single Parent Scholarship Fund and appropriates $2,000.0 to the
fund from net revenues from the Lottery Tuition Fund. This appropriation is a recurring expense to the Single Parent
Scholarship Fund for fiscal years 2003 through 2006. Any unexpended or unencumbered balance remaining at the end of
fiscal years 2003 through 2006 shall not revert. After fiscal year 2006, all net revenues from the lottery shall
be deposited in the Lottery Tuition Fund.
Senate Bill 128 also
amends Section 6-24-24 NMSA 1978, to direct the State Treasurer to deposit
$2,000.0 of net revenues from the lottery into the Single Parent Scholarship
Fund and the remainder of the net revenues into the Lottery Tuition Fund.
Initial cost estimates
provided by the CHE indicate this program would serve approximately 2,300
single parent returning students at a total cost of $1,908.4.
ADMINISTRATIVE IMPLICATIONS
The CHE will
administer the fund and develop appropriate rules and regulations. In addition, the commission will develop a
process for the reduction of awards in the event the number of eligible award
recipients exceeds the amount of money available each semester for the program.
OTHER SUBSTANTIVE ISSUES
This is a Legislative
Finance Committee sponsored bill.
[1]Begin typing on the * in replace mode. Do not add or delete spaces.