New Mexico plans study on college, university funding
SANTA FE, N.M. (KRQE) – New Mexico’s legislative and educational leaders are gearing up to take a close look at how New Mexico’s higher education is funded. The review is called the “I&G Study.”
“I&G” stands for “instruction and general funding.” The plan is to review and propose changes to the state’s formula for funding colleges and universities. “The study will examine base funding and determine potential inequities at individual formula-funded colleges and universities or higher education sectors, including research institutions, comprehensive universities, independent community colleges, and branch campuses,” the New Mexico Higher Education Department explained in a recent presentation to lawmakers.
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The study will also take a look at how other colleges and universities around the nation link their funding formulas to student outcomes. The hope is to have a final report by October of 2024.
The Higher Education Department also recently released projections on how tuition and fees at New Mexico schools could increase in the near future. For example, resident tuition at the University of New Mexico could increase by about 50% by fiscal year 2029, the estimates show.
