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Between 2008-2009 and 2018-2019, the price of education rose by $7,390 at private nonprofit four-year colleges and universities, by $2,670 at public four-year institutions and $930 at public two-year colleges, according to data from the nonprofit organization College Board.

The average cost of tuition in the U.S. for a private nonprofit four-year college was $35,830 in the 2018-2019 academic year, the data showed. With room and board included, the price jumps to $48,510.

At public four-year institutions, for in-state residents, tuition amounts to $10,230 and $21,370 with room and board, according to the data.

New Mexico ranked as third most impoverished state in the country, with a rate of 18.2% in 2017, according to the U.S. Census Bureau. The national average was 12.3%.

\"Our state stands to benefit more than any other state in the country because of the poverty aspect that we all face with our population every day,\" Grisham said. \"Our students benefit more than any other student in the country with strategies and investments like this.\"

Grisham said the plan will not only be good for current students, but the future of the state.

\"It means better enrollment, better student success [and], in the long rung, it means economic growth,\" she said.

\"If we believe in the potential of New Mexico students,\" she added, \"well, I have a challenge for you, let's put our money where our mouth is.\"

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