Arkansas Code Title 6. Education § 6-85-603. Award of scholarship

(4)(A) In increments of one thousand dollars ($1,000) per eligible student per academic year, with a maximum of four thousand dollars ($4,000) per eligible student per academic year, as determined by the division.

(B) The sum of an Arkansas Challenge Plus Scholarship under this subchapter and an Arkansas Academic Challenge Scholarship shall not exceed five thousand dollars ($5,000) total per eligible student per academic year.

(C) Scholarship amounts awarded under this subchapter may vary each year depending on the amount of funding available.

(A) Transfers the funds requested by the division under § 23-115-801(c)(2); and

(B) Deposits the amount necessary to maintain the Scholarship Shortfall Reserve Trust Account under § 23-115-802 in an amount equal to twenty million dollars ($20,000,000).

(A) Less than two hundred fifty thousand dollars ($250,000) is available under subdivision (b)(1)(A) of this section; or

(B) The division received a loan from the account under § 23-115-802 for the Arkansas Academic Challenge Scholarship Program for the previous academic year.