AR SB909

Reduces the Arkansas Academic Challenge Scholarship award amount for full-time students at four-year institutions from $5,000 to $4,500 per academic year, beginning with the 2011-2012 academic year.

Closes the current achiever student scholarship program to new applications after June 1, 2012, with a capped aggregate award amount of $41,500,000.

Allows the Department of Higher Education to use remaining scholarship funds after current achiever allocations to support nontraditional student scholarships, with a baseline aggregate amount of $12,000,000.

Permits the Arkansas Lottery Commission to expend up to $2,500,000 annually from unclaimed lottery prize money for increasing future lottery prize pools, maintaining online game reserves, or prize promotions.

Adds definitions for "multistate or multisovereign lottery," "prize promotion," and "unclaimed lottery prize money" to the Arkansas Scholarship Lottery Act.