SB248

Senate Bill 248 establishes the Arkansas Challenge Plus Scholarship Program to provide additional financial assistance to students already receiving the Arkansas Academic Challenge Scholarship. To be eligible, students must maintain eligibility for the existing Academic Challenge Scholarship and demonstrate financial need via the FAFSA. The program provides supplemental awards ranging from $1,000 to $4,000 per academic year, with a combined scholarship cap of $5,000. Funding for this program is derived from residual proceeds from the Arkansas Lottery after specific reserve fund requirements are met. The program is subject to funding availability, with a maximum annual expenditure of $25 million for the 2023-2024 academic year. The Arkansas Division of Higher Education is authorized to administer the program and establish necessary rules, effective July 1, 2023.