Due to lower sales and unexpectedly low revenues for the fiscal year, the Arkansas Scholarship Lottery is having to lower scholarships awarded to students through the Arkansas Department of Higher Education.
The Arkansas Scholarship Lottery has provided financial aid for students seeking higher education since its establishment in 2008. According to the Arkansas Lottery website, they have provided more than $345,966,055 in scholarships. In the 201 fiscal year, the Arkansas Scholarship Lottery provided $82,799,809 to the Department of Higher Education. The money provided by the lottery allows students who couldn’t normally afford to go to college to attend and brighten their futures. Along with the Department of Higher Education, the Arkansas Lottery provides scholarships through the Arkansas Academic Challenge Scholarship. They provide funds for students who are seeking higher education but are unable to afford the rising costs of colleges.
Unfortunately, this past fiscal year has not been as successful as previous years, causing legislators to lower the amounts awarded to students. In previous years, recipients of scholarships from the Arkansas Lottery would receive $5,000 per year for a 4-year university, and it would drop to $4,500 after the first year. Students would receive their scholarship as long as they maintained the high academic marks required by the scholarship. This year, however, students will not be able to receive as much.
Under the new legislation passed this week, incoming freshman who maintain a 2.5 GPA in high school or are able to score a 19 or higher on the ACT will receive a scholarship through the Arkansas Lottery. The new recipients will receive $2,000 for their first year at a 4-year school. IF they maintain high marks, the scholarship will go up $1,000 for the next three years.While these numbers are significantly lower than before, they will still help some students attend college who could otherwise not afford it.
The drop in revenue is in part due to lower ticket sales. While the Arkansas Lottery does not condone problem gambling, they require high ticket sales in order to provide the funds to help send people to school. The Arkansas Lottery hopes to raise revenue in the coming year in order to provide funds for the growing number of scholarship applicants.
The Arkansas Scholarship Lottery is not proud to lower scholarships, but must do what is necessary in order to give as much as possible to as many applicants as possible. To seem ore ways of how the Arkansas Lottery helps, go to their website for news and testimonials from recipients. And show your support by playing the Arkansas Lottery, with scratch-offs, Powerball, Mega Millions, and more games, there are multiple ways to win in Arkansas.