The governor of New Mexico is expected to unveil on Wednesday an ambitious plan to pay for tuition at the state’s two- and four-year public colleges, according to a report.

The program, which would apply to state residents regardless of their income, is slated to be announced by Gov. Michelle Lujan Grisham but still needs legislative approval, the New York Times reported early Wednesday.

The state plans to use rising revenue from its oil refineries to cover the bulk of costs for the program, which would not cover living expenses. Funds would also only be made available to students upon exhausting pools of resources from existing state aid programs and federal grants, the Times reports.

To be eligible, students who recently graduated from high schools or equivalency programs must maintain a 2.5 grade-point average. The program would also be available to all residents regardless of immigration status — in contrast to other states like Georgia where access to public college is denied to unauthorized immigrants, according to the report.

If put into effect, the program is expected help roughly 55,000 students annually, with costs ranging from $25 million to $35 million per year, the deputy secretary of New Mexico’s Higher Education Department said.

“We’re giving money directly to students,” Carmen Lopez-Wilson told the Times. “This is the best way to begin rebuilding the infrastructure of higher education in New Mexico.”

Seventeen states — including New York, Oregon and Tennessee — had programs as of 2018 that offer some form of tuition coverage to qualifying students, according to an analysis cited by the Times, but most only foot the bill at two-year colleges.

“This program is an absolute game-changer for New Mexico,” Lujan Grisham said in a statement to the Times. “In the long run, we’ll see improved economic growth, improved outcomes for New Mexican workers and families and parents.”

A message seeking comment from Lujan Grisham’s office was not immediately returned early Wednesday. But some education experts told the newspaper that the development is part of a “watershed moment” in higher education.

“It used to be that a high school degree could allow a young adult to enter into the middle class,” said Caitlin Zaloom, a cultural anthropologist at New York University who has analyzed rising college costs. “We are no longer in that situation. We don’t ask people to pay for fifth grade and we also should not ask people to pay for sophomore year.”