New Mexico to Establish $959M Higher Ed Fund Supporting Free Tuition

New Mexico Gov. Michelle Lujan Grisham signed a bill last week that establishes a $959 million fund to support free college tuition for state residents. The trust fund will be the largest dedicated to higher education by a state, the governor’s office said in a March 8 announcement. Just seven other states, including Tennessee, New Jersey and Alaska, have trust funds for higher education. New Mexico’s fund will support two programs: the Lottery Scholarship, which provides free tuition for recent high school graduates, and the Opportunity Scholarship, which covers students who attend New Mexico public colleges later in life. Nearly $48 million will be distributed from the fund in fiscal 2025.