AR SB248

Creates the Arkansas Challenge Plus Scholarship Program as a new supplemental scholarship for Arkansas students demonstrating financial need through FAFSA.

Eligible students must apply for and maintain eligibility under the existing Arkansas Academic Challenge Scholarship Program and demonstrate financial need.

Scholarships awarded in $1,000 increments with a maximum of $4,000 per eligible student per academic year, with combined Challenge Plus and Academic Challenge scholarships not exceeding $5,000 total per year.

Funded through available net proceeds from the Arkansas Lottery after other obligations are met, with a minimum of $250,000 required to award scholarships and a $25,000,000 annual cap for academic year 2023-2024.

Division of Higher Education administers the program and may promulgate rules; scholarships are not awarded if insufficient funds exist or if the division received a loan from the Scholarship Shortfall Reserve Trust Account in the previous year.