N.M. Code R. § 5.7.11.10 – Administration and Allocation of Funds

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.
[7/15/98; 5.7.11.10 NMAC - Rn & A, 5 NMAC 7.11.10, 8/30/2007]
History OF 5.7.11 NMAC:
Pre-NMAC History: The material in this part was derived from that previously filed with the State Records Center and Archives under:
BEF Rule 860, Student Choice Program - Administrative Regulations, 2/27/85.
CHE Rule 860, Student Choice Program - Administrative Regulations, 8/29/90.
CHE Rule 860, Student Choice Program - Administrative Regulations, 8/15/91.
History of Repealed Material: [RESERVED]