New Mexico brings more certainty to lottery scholarships

in Lottery

ALBUQUERQUE, N.M. - New Mexico has taken a big step to provide more certainty for college students about the amount of financial aid they can count on from state lottery revenues.

Gov. Susana Martinez signed legislation Wednesday that decouples the value of lottery scholarships from the cost of tuition by setting a fixed amount for the awards based on the kind of institution a student attends.

While students and university officials welcome the change, the Republican governor and others say more needs to be done to shore up the struggling scholarship program as the cost of higher education climbs.

Tuition and demand for financial aid have outpaced lottery revenues for nearly a decade.

Initiated in 1996, the scholarship covered 100 percent of average tuition rates until 2014. This year, only 60 percent of tuition costs are covered.

http://www.kob.com/new-mexico-news/new-mexico-more-certainty-lottery-scholarships-university-college/4818549/