Higher education unveils new funding formula

New Mexico’s Higher Education Department is pushing a new funding formula that gives more state money to high-performing schools and less to underperforming ones, New Mexico Business Weekly reports. The proposal, presented to the Legislative Finance Committee Nov. 17, would allocate part of the annual higher ed budget based on each school’s achievements in course completion by students, degrees and certificates awarded, the extent to which colleges emphasize STEM (science, technology, engineering and math) curriculum, and graduation levels for “at-risk” students. Higher Education Secretary Jose Garcia said the new formula replaces subsidies paid up front for projected college costs with performance-based rewards…

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