Section 6-85-603 - Award of scholarship(a) An Arkansas Challenge Plus Scholarship under this subchapter shall be awarded to eligible applicants: (1) In addition to a scholarship awarded under the Arkansas Academic Challenge Scholarship Program;(2) Based on the amount of financial need as determined by the Free Application for Federal Student Aid (FAFSA);(3) As determined by the Division of Higher Education if sufficient funds are available; and(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.(b)(1) Arkansas Challenge Plus Scholarships under this subchapter shall be funded by available net proceeds remaining from the previous academic year after the Office of the Arkansas Lottery:(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).(2) However, an Arkansas Challenge Plus Scholarship under this subchapter shall not be awarded for an academic year if: (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.(3) The total amount of scholarships awarded under this subchapter shall not exceed twenty-five million dollars ($25,000,000) for academic year 2023-2024.Added by Act 2023, No. 386,§ 1, eff. 7/1/2023.