THERE ARE MAJOR QUESTIONS ABOUT THE FINANCIAL HEALTH OF THE NEW MEXICO LOTTERY SCHOLARSHIP FUND, WITH TUITION INCREASES OUTPACING FUNDING SOURCES IN RECENT YEARS. LEGISLATIVE FINANCE COMMITTEE CHAIRMAN JOHN ARTHUR SMITH SAYS THE STATE HAS BEEN USING GENERAL FUND MONEY TO PROP UP THE SYSTEM…BUT THAT HAS TO END. AND WITH OIL AND GAS PRICES CONTINUING THE DROP, THAT REVENUE SOURCE IS ALSO DRYING UP.
MORE THAN 30-THOUSAND NEW MEXICO COLLEGE STUDENTS USE THE LOTTERY SCHOLARSHIP FUND…WHICH PAYS ABOUT 90-PERCENT OF TUITION COSTS.
