AR HB1779

Modifies the Arkansas Academic Challenge Scholarship Program — Part 2 to change scholarship award amounts for full-time students enrolled in four-year institutions beginning with the 2016-2017 academic year: freshmen receive $1,000 (down from $2,000), sophomores receive $4,000 (up from $3,000), juniors receive $4,000, and seniors receive $5,000.

Replaces the requirement for students to complete eight semesters or sixteen part-time semesters with a uniform requirement of earning 120 semester credit hours to maintain eligibility.

Allows students to continue receiving scholarships after earning 120 credit hours but not exceeding 130 credit hours if enrolled in degree programs requiring more than 120 credit hours.

Requires recipients to submit current transcripts to the Department of Higher Education by June 1 each year to determine correct scholarship award amounts based on credit hours earned.

Permits students participating in the 2015-2016 school year to elect to be subject to the new provisions for the 2016-2017 school year and thereafter.