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Return To Scholarships Article Archive   Search the Article Archives More Funds for New Mexico Scholarship Fund By Rachna Mehra New Mexico Gov. Bill Richardson, signed a bill on March 29th that will extend the life of the New Mexico lottery scholarship fund. The New Mexico lottery scholarship pays in state tuition for all New Mexico high school graduates with good academic backgrounds. According to a projection report by the Higher Education Department, at the current rate of usage, the fund could be exhausted by 2011. The new bill requires that about 27 percent of all lottery revenue go toward scholarships by the end of 2008, currently only about 23.97 percent goes towards the scholarship fund. Senate Bill 364, sponsored by Senate Majority Leader Michael Sanchez, D-Belen, entails that the lottery contribution to the scholarship fund should be augmented by reducing administrative expenses. Theyre going to have to find ways to cut costs and cut administration,' Richardson said. 'They have a year to do it.' The Bill was originally opposed by the Lottery Authority, and they even went to the extent of hiring a lobbyist. But that decision was vetoed by Richardson, who said he thinks the authority can adapt to the changes. About the Author: Rachna Mehra is a freelance writer from NYC, New York. For more information on scholarships and financial aid, visit http://www.freescholarshipguide.com Accounting Scholarship

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