FAQ
GO bonds do not fund scholarships or tuition. Also, student loan forgiveness is not offered to all college graduates. To qualify for federal loan forgiveness, an individual must be:
- A teacher for at least five complete and consecutive academic years in a low-income elementary or secondary school or educational service agency (up to $17,500 loan forgiveness)
- A public service employee working in federal, state, local or tribal government (including the military and AmeriCorps)
- Working for a qualifying not-for-profit organization
- A nurse, doctor or other medical professional
- Have a disability
Other conditions apply, including the fact that many borrowers must have been repaying their loans for as long as 10 years.
The Opportunity Scholarship, which became law in July 2022, provides money for qualifying adult students to get an education at a four-year or community college. It is available to working adults who may have started and not finished college or working adults who want to complete specialized training in a trade or earn a college degree. The Lottery Scholarship was established in 1996 to provide high school graduates with funding to pay part of the cost of attending community college or a four-year public college or university full-time.
GO Bond 3 is ONLY designed to provide public colleges, universities and specialty schools (such as those serving blind, visually impaired or deaf students) with funds to renovate existing facilities; replace old, outdated facilities with new facilities; or upgrade campuses with new technology or safety enhancements. It does not provide funds to students.
GO Bond funds cannot be used for any purpose other than projects listed in the legislation that authorized the bond question to be put on the ballot.
Many degrees and certificates (healthcare, trades, technology, etc.) REQUIRE a blend of classroom, laboratory and/or hands-on learning as well as online instruction. Also, some students learn more effectively in a classroom than an online setting, so it is important to provide options.
In addition, many public colleges and universities offer meeting and performance spaces to groups throughout their communities. By maintaining these facilities, we ensure those groups have safe places to meet as well as offer events such as community theater performances.
The 2024 GO Bond to support higher education is tax neutral, as verified by the State of New Mexico Department of Finance and Administration. These bonds are a replacement of general obligation bonds for higher education that are expiring or have already expired.
If GO Bond 3 fails to pass, there is no guarantee property tax rates will be reduced, nor will it give the State of New Mexico the ability to use this money for other purposes. The last time the GO Bond for higher education failed was in 2010. After that election, there was no evidence that property taxes decreased in any county in New Mexico.
Research shows the bond will create about one (1) job, on average, for every $100,000 in funding in architecture, construction and related fields. Therefore, this year's bond funding of $229,565,000 will create an estimated 2,296 jobs.
People who renovate or build facilities or provide services contribute to the economies of the communities where public colleges and facilities are located in by eating, staying in and purchasing goods and services in those communities. Plus, communities and counties benefit from increases in gross receipts taxes.
