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 5.7.8.8 - ADMINISTRATION OF THE PROGRAM

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				program shall be called the New Mexico student incentive grant program
				(NMSIG).
B. The department provides
				that such grants will not be in excess of $2,500 per academic year for
				attendance on a full-time basis at approved post-secondary institutions as
				designated by the state;
C. The
				program shall be administered by the department staff under regulations adopted
				by the department.
D. The primary
				responsibility of the department is to provide for the equitable distribution
				of available funds.
E. The
				department shall request annually the total amount of funds available to the
				state from the federal program.
F.
				The department shall maintain files and review participating institutions'
				records to assure that federal and state laws and regulations are
				followed.
G. The department shall
				request the total federal funds available to New Mexico for each fiscal year be
				reserved to be matched by an equal amount of state funds.
H. The department as the designated state
				agency will provide decentralized administration of the New Mexico student
				incentive grant program by allocating general funds and federal matching
				contributions to eligible institutions based on a need formula approved by the
				department.
I. The department shall
				submit to the U.S. department of education periodic fiscal and performance
				reports, based on data provided by the participating institutions.
J. Reallocation of unused New Mexico student
				incentive grant program funds: Any New Mexico student incentive grant program
				funds which have been allocated to an eligible participating institution and
				which cannot be used by that institution will be reallocated by the department.
				These unused funds will be reallocated in an equitable manner.
K. It is the responsibility of each
				institution to comply with all requirements of federal laws, rules and
				regulations of the LEAP program, in addition to the operating procedures
				contained herein.
L. If a student
				withdraws or drops below half-time student status and is entitled to a refund
				for any tuition, fee or other charges as determined by each institution's
				refund policy, the institution shall pay back to the NMSIG fund in the same
				ratio as the NMSIG has to the total aid awarded
M. The institutional financial aid officers
				will:
(1) determine whether or not the student
				meets the eligibility requirements for a New Mexico student incentive grant
				award;
(2) determine the financial
				need of the student;
(3) recommend
				the amount of the NMSIG awards;
(4)
				disburse the NMSIG award to the student in accordance with the established
				procedures of the department and the institution;
(5) maintain adequate fiscal control and
				accounting records in accordance with approved state and federal procedures;
				and
(6) provide to the department
				such financial and other information as may be required to meet federal
				reporting and auditing requirements.