The purpose of this state report card is to provide the general public and policymakers with information they can use to assess and improve postsecondary education in each state. "Measuring Up 2006" is the fourth in a series of biennial report cards. The report card grades states in six overall performance categories: (1) Preparation: How adequately does the state prepare students for education and training beyond high school?; (2) Participation: Do state residents have sufficient opportunities to enroll in education and training beyond high school?; (3) Affordability: How affordable is higher education for students and their families?; (4) Completion: Do students make progress toward and complete their certificates or degrees in a timely manner?; (5) Benefits: What benefits does the state receive from having a highly educated population?; and (6) Learning: What is known about student learning as a result of education and training beyond high school? Findings for New Mexico include: (1) New Mexico has shown no notable progress in preparing students to succeed in college. New Mexico is one of only two states to receive an F in preparation this year; (2) New Mexico continues its good performance in enrolling students in higher education. New Mexico receives an A in participation this year; (3) New Mexico has shown no notable progress in providing affordable higher education. New Mexico receives an F in affordability this year; (4) Despite substantial improvement over the past decade, relatively few students in New Mexico earn a certificate or degree in a timely manner. This year New Mexico receives a D in completion; (5) New Mexico has made no notable progress in realizing the benefits that come from having a more highly educated population. New Mexico receives a C in benefits this year; and (6) Like most states, New Mexico receives an "Incomplete" in Learning because insufficient data would not allow meaningful state-by-state comparisons. However, data are available this year to examine the readiness of college graduates--from two- and four-year institutions--for advanced practice. (Contains 3 figures.) [For "Measuring Up, 2006. The National Report Card on Higher Education," see ED493360.]