AR SB294

Modifies the Arkansas Academic Challenge Scholarship Program starting with the 2013-2014 academic year to provide tiered awards for four-year institution students: $2,000 for freshmen, $3,000 for sophomores, $4,000 for juniors, and $5,000 for seniors, totaling $4,500 per year.

Changes scholarship awards for two-year institution students from one-half the four-year rate to a fixed $2,000 per academic year.

Increases aggregate scholarship funding for nontraditional students from $12,000,000 beginning in the 2010-2011 academic year to $16,000,000 beginning in the 2014-2015 academic year.

Declares an emergency clause effective upon governor approval, the expiration of the governor's veto period, or veto override, requiring Department of Higher Education rule implementation before June 1, 2013, to meet scholarship application deadlines.