21-12-19: Program administration; criteria.

A. The Luciano "Lucky" Varela opportunity scholarship shall be administered by the board of regents of the New Mexico military institute. The board of regents shall annually establish a number of Luciano "Lucky" Varela opportunity scholarships available to New Mexico high school students who meet need-based requirements.

B. Scholarships shall be awarded to qualifying New Mexico residents for a term not to exceed four years.

C. The board of regents of the New Mexico military institute shall establish criteria based on need, up to the total cost of attendance, in accordance with New Mexico military institute admission requirements for New Mexico high school residents.