LITTLE ROCK A bill introduced by Republican Sen. Johnny Key would change the formula for lottery-funded scholarships.
Key’s bill filed Monday would start scholarship recipients at $2,000 for their freshman year. Scholarship amounts would grow by $1,000 per year, topping out at $5,000 in a student’s senior year.
Key says community college students would be eligible for the same amounts as university students.
Legislators have to rework the scholarship formula because funding levels can’t sustain the current payout of $4,500 per year for university students and $2,250 for community college students.
A number of legislators have complained about the high number of students who don’t sustain enough credit hours to keep their scholarships. Factoring the rate at which students lose their awards, the program can afford Key’s formula.