The Arkansas Scholarship Lottery (ASL) has now exceeded $1bn in available funding for scholarships after raising $8,447,337 in proceeds last month.
Since the lottery started in 2009, the official proceeds figure stands at $1,001,680,567.38. During this fiscal year, which began July 1, scholarship proceeds reached $32,594,405 through October 31, 2020.
According to ASL Director Eric Hagler, the new total represents a monumental figure for the lottery.
He said: “The sole mission of the lottery is to raise proceeds for scholarships in a responsible manner. We have never deviated from that mission, and we are very proud we have now hit $1bn in proceeds. It equates to 600,608 scholarships awarded to deserving Arkansans.”
Lottery proceeds are transferred to the Arkansas Department of Higher Education, which administers the Arkansas Academic Challenge Scholarship, the Arkansas Workforce Challenge Scholarship and the Arkansas Concurrent Challenge Scholarship.
The Arkansas Academic Challenge Scholarship provides financial assistance to traditional and non-traditional students attending universities and two-year colleges, public and private, in the state.
Freshman students at four-year colleges receive $1,000 from the scholarship, while second and third-year students receive $4,000, and senior-level students are awarded $5,000 per year.
At two-year colleges, first-year students receive $1,000, while second-year students are awarded $3,000. Students must keep a 2.5 GPA to maintain eligibility.
The Arkansas Workforce Challenge Scholarship is awarded to students seeking certification for high-demand occupations, such as in healthcare and information technology. The Arkansas Concurrent Challenge Scholarship awards qualified junior and senior high school students $125 per course for up to two concurrent credit courses per semester.
