New Mexico wants to make college tuition-free.
Here's what you need to know.
Free College
New Mexico Governor Michelle Lujan Grisham announced Wednesday a bold program that will make college tuition-free at all 29 of New Mexico public colleges and universities for in-state residents.
Here's the kicker: the first-of-its-kind program is available to all residents, regardless of income.
The Opportunity Scholarship is designed as a “last-dollar” program, which means that the program covers remaining tuition and fees that are not paid for by federal grants or the New Mexico Lottery Scholarship. Grisham estimates that the unpaid tuition gap is 25-40% for college students. Governor Grisham expects 55,000 students to benefit from the program for the Fall 2020 semester. Students would be responsible for all other college costs such as room and board, books and other living expenses, for example.
“This program is an absolute game-changer for New Mexico,” Grisham said. “Higher education in this state, a victim of the recession, has been starved in recent years. We are pivoting to a robust reinvestment in higher learning — specifically and directly in our students. By covering the last dollar of tuition and fees, by making college significantly more accessible to New Mexicans of every income, of every background, of every age, we are putting students first. We are creating meaningful opportunity for all."
As first reported by the New York Times, which broke the story, the proposal must be approved by the New Mexico state legislature. The legislature is controlled by Democrats, which is Grisham's party. The program is expected to cost $25 - $35 million per year, and will be paid by the state's general fund. New Mexico has the second lowest average student loan debt of any state, mostly due to the relative low cost of its public colleges. In-state tuition at the University of New Mexico, for example, for the 2019-2020 academic year is $7,556. The Opportunity Scholarship would also cover full tuition and fees at New Mexico's two-year community colleges, making New Mexico the 21st state to make community college tuition-free.
2020 Presidential Candidates
On the 2020 campaign trail, among other candidates, both Elizabeth Sanders (D-MA) and Bernie Sanders (I-VT) support some form of free college. For example, Warren has proposed eliminating tuition and fees at all public two-year and four-year public colleges. Sanders also believes that public four-year and community colleges should be free.
What if you don't live in New Mexico?
New Mexico is not the only state that offers some form of tuition-free college. For example, in 2017, New York became the first state through the Excelsior Scholarship to make tuition free for both in-state two-year and four-year colleges for undergraduates who meet certain requirements. Oregon offers free community college to qualified high school graduates and those who completed a GED. Tennessee offers high school students two years of tuition-free at Tennessee's public community colleges and technical schools. California offers two years of tuition-free community college.
What if you already have student loans?
So you're done with school, borrowed student loans and want to know what to do next.
There are four primary ways to manage and repay your student loans. Make sure you understand all your options.
- Student Loan Refinancing
- Student Loan Consolidation
- Income-Driven Repayment Plans
- Student Loan Forgiveness
This student loan quiz takes less than one minute to complete and provides you with a free, customized student loan repayment plan.
