A. Priority shall be given to New Mexico students who are New Mexico residents with the greatest financial need and students who are residents from groups underrepresented in graduate education.
B. A scholarship may be awarded to a New Mexico resident who has:
(1) earned a bachelor's degree and maintained a grade point average of 3.0 or higher on a 4.0 scale or who holds a paid position supporting faculty teaching or research activities;
(2) met the admission requirements, is accepted for enrollment and enrolls in at least six credit hours in a graduate field of study; and
(3) complied with all the rules adopted by the department for award of the scholarship and the provisions regarding the administration of the graduate scholarship program.