1. A. Institutions shall:

   1. (1) determine initial and continuing student eligibility for the scholarship based on the provisions in Section 8 and Section 9 of 5.7.34 NMAC;
   2. (2) distribute awards to qualifying eligible students; and

   3. (3) provide information to the department on an annual basis to be used by the department for calculation of the allocation to the institution. Required information shall include:

      1. (a) income reported on the FAFSA;
      2. (b) the number of students enrolled in a public education department approved teacher preparation program at the institution; and
      3. (c) the percentage of the teacher preparation program students classified as returning adults who are otherwise ineligible for state financial aid.

2. B. The department shall allocate money to institutions based on a student need formula calculated according to:

   1. (1) income reported on the FAFSA;
   2. (2) the number of students enrolled in a public education department approved teacher preparation program at the public post-secondary institution or tribal college; and
   3. (3) the percentage of the institution's teacher preparation program students classified as returning adults who are otherwise ineligible for state financial aid.

[5.7.34.10 NMAC - N, 7/30/2019]