This document reports on data collected by the New Mexico Higher Education Department, providing the status of higher education as of the Fall 2004 semester and makes comparisons to prior year data to calculate change rates. The emphasis of the New Mexico Higher Education Department is to create policy to improve access to educational opportunities for students, as well as to improve success once they have entered the doors of state post-secondary institutions. Enrollment at New Mexico's public institutions of higher education continues to grow with an overall enrollment increase of 5.58 percent from Fall 2003 to Fall 2004, with an 8.64 percent increase in the two year sector and a 1.55 percent increase at the state's universities. Increasing numbers of older students are enrolling, particularly in the two year sector, further fueling enrollment increases. Recent projections of high school graduates in the state, provided by the Western Interstate Commission for Higher Education (WICHE), suggest enrollment will remain flat. In the 2003-2004 academic year, New Mexico's post-secondary students received $383 million in financial assistance. 72% of this was from federal sources, 14% was from state sources, and 12% was from private/institutional sources. In the 2004-2005 academic year, New Mexico's post-secondary students received just over $415 million in financial assistance, an increase of 8.4% over the previous year. Seventy-two percent, or $300 million, of these funds are attributed to federal sources. State contribution of $57 million (14%), institutional aid of almost $35 million (8%), and private or other external source contribution of $22 million (6%) also provided significant support. Data tables contain further detail on each of these areas. (Contains 11 figures and 34 tables.) [This Document was produced by the New Mexico Higher Education Department. For 2002 report, see ED482315; for 2001 report, see ED482316.]