LITTLE ROCK, Ark.- Arkansas Scholarship Lottery proceeds have hit $1 billion.
Proceeds raised last month were $8,447,337, but have now jumped up to exceed $1 billion in available funding for scholarships. The official proceeds since the lottery started back in 2009 is $1,001,680,567.38. The fiscal year for 2020 began back on July 1, with scholarship proceeds standing through October 31 at $32,594,405.
ASL Director Eric Hagler said that getting to this proceeds number is monumental for the lottery.
“The sole mission of the lottery is to raise proceeds for scholarships in a responsible manner,” Hagler said. “We have never deviated from that mission, and we are very proud we have now hit $1 billion in proceeds. It equates to 600,608 scholarships awarded to deserving Arkansans.”
lottery proceeds are transferred to the Arkansas Department of Higher Education who 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 nontraditional 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. 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. To maintain eligibility, students must keep a 2.5 GPA.
Students may apply online for both of these scholarships at scholarships.ADHE.edu.