New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 11 - STUDENT CHOICE PROGRAM › Section 5.7.11.10 - ADMINISTRATION AND ALLOCATION OF FUNDS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The department shall administer the
				student choice grant program in accordance with the act and the regulations
				promulgated thereunder. Administration shall include but not be limited to
				disbursements of funds to eligible institutions for students approved by the
				department.
B. Administrative costs
				for the program shall be borne by participating institutions. Each institution
				shall maintain all records concerning student eligibility.
C. The department shall maintain financial
				records of all disbursements made under the act. These records shall include
				the amount of each student grant and the period for which it was
				disbursed.
D. At year end the names
				of students who received individual grants shall be submitted to the department
				by each institution via data reporting methods specified by the department.
				Annual reporting schedules shall be submitted to the participating colleges.
				Any audit exceptions shall be the responsibility of the participating
				institution, and not the responsibility of the department.
E. The department shall allocate student
				choice grant funds to an institution based on methodology approved by the
				department.
F. Any funds which have
				been allocated to an institution, but cannot be used by that institution, as
				determined by the department, may be reallocated by the department.
G. If a student withdraws from an institution
				and is entitled to a refund of tuition or other charges, as determined by the
				institution's refund policy, the institution shall refund to the department the
				amount previously paid by the department to the institution on behalf of the
				student. Such funds shall be paid at the ratio of the grant to the total
				financial aid disbursed, not to exceed the amount of the student choice grant
				disbursed to the student.
H. The
				maximum amount of the student choice grant shall be equal to the number of
				semester credit hours for which the student is enrolled (maximum of eighteen
				semester credit hours), multiplied by the department certified hourly rate. The
				hourly rate shall be calculated by taking the general fund appropriations for
				instruction and general purposes for the university of New Mexico, New Mexico
				state university, New Mexico Highlands university, eastern New Mexico
				university and western New Mexico university for the fiscal year in which the
				student choice grant is to be made, subtracting from that sum the portion
				deemed by the department to be attributable to other than undergraduate
				education, and dividing by the aggregate number of undergraduate credit hours
				which are used in the calculation by the department of the general fund
				appropriations.
I. A student choice
				grant to a part-time student shall be proportional to a student choice grant
				paid to a full-time student, during the same academic term, and shall be based
				on the ratio of part-time credit hours to full-time credit hours.