Official: Without changes, lottery scholarship program to go broke in 2014
LITTLE ROCK (Arkansas News Bureau) If nothing changes, the state lottery is not expected to generate enough money to continue funding college scholarships beyond early 2014, a state legislative panel heard Tuesday.
The legislative oversight committee on the lottery has been considering a proposal by co-chairman Sen. Johnny Key, R-Mountain Home, to reduce lottery scholarship spending by awarding Academic Challenge Scholarships at different amounts for each grade level.
Under Key's proposal, freshmen would receive $2,000, sophomores $3,000, juniors $4,000 and seniors $5,000. Currently, students receive $2,250 a year to attend a two-year school or $4,500 a year to attend a four-year school.
Setting scholarship amounts for the next fiscal year will be one of the tasks of the General Assembly when it convenes in January.
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COMPLETE COVERAGEOfficial: Without changes, lottery scholarship program to go broke in 2014 (Nov. 20)Ark. panel recommends cut in lotto scholarships (Dec. 18)Changes ahead for lottery scholarship program (Dec. 27)Bill would alter Ark. lottery scholarship formula (Feb. 12)Lottery scholarships to pay out less (Feb. 26)