(AP) — The director of the Arkansas Department of Higher Education says the agency has been forced to temporarily tap some of its $20 million lottery reserve fund to cover its Academic Challenge scholarship obligations. Director Shane Broadway warned the Legislature's lottery oversight committee that the department could temporarily run out of funds to pay its scholarship obligations within three years under what he calls his worst-case scenario. The Legislature created the $20 million reserve fund in 2009 so the department would be able to cover its scholarship obligations if there are short-term shortages, Broadway said. Lottery scholars also must have at least a 2.5 grade point average or score at least a 19 on the ACT college admissions exam or an equivalent score on a comparable college entrance exam.
Ark. Higher Education Agency Taps Lottery Reserves
National/International Headline List General Wire, San Antonio Express-News: World
Sat, 04/19/2014 - 2:55pm
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