LITTLE ROCK — Scholarship policy alters refund order
A change to the financialaid stacking policy, approved by the Higher Education Coordinating Board at its Friday meeting, will ensure Arkansas Academic Challenge Scholarships will be the first refunded if a student’s financial-aid package exceeds the cost of attending a college or university.
The scholarship stacking policy requires colleges and universities to refund state money when aid exceeds the attendance cost, calculated through a formula that includes provisions for books, fees and housing.
The approved policy was passed by the Legislature in the spring.
The scholarships, expanded in size and availability through the Arkansas Scholarship Lottery, are designed to increase the number of degree holders in the state and help eliminate financial barriers for low-income students.
Aid seekers await word on eligibility
Nearly 37,000 current college students and nontraditional students who applied for Arkansas Academic Challenge Scholarships have not yet been notified of their eligibility, Higher Education Director Jim Purcell said Friday.
The department now has 57 more workers processing applications in addition to its regular full-time staff, he said. The department hired temporary workers and borrowed employees from the Arkansas Department of Education to process 53,533 applications.
Of 17,000 traditional applicants expected to enter college for the first time in the fall, 5,114 are pending eligibility, which means the department needs more documents to complete their applications. The rest have been notified, Purcell said.
The department expects to have all applicants notified by Aug. 10.
UAPB works to add
doctoral program
The University of Arkansas at Pine Bluff took its first step Friday toward establishing its first doctoral program, a degree in aquaculture and fisheries.
The Higher Education Coordinating Board reviewed a letter of intent to change the university’s role and scope, required when an institution expands its programs to offer master’s or doctoral degrees.
The board will consider the request at a later meeting, Purcell said.
A separate request for approval of the aquaculture program must then be approved.
The board approved one other doctoral program Friday, a doctorate in educational leadership at Arkansas State University in Jonesboro.
Bond issues OK’d for four campuses
The Higher Education Coordinating Board approved bond issues for four campuses Friday:
A $42 million bond for the University of Central Arkansas in Conway will finance the demolition of Minton Hall, the construction of a new dorm and renovation of existing dorms. The bond will have a maximum term of 30 years and an estimated annual interest rate not to exceed 5.25 percent.
A $15 million bond for Northwest Arkansas Community College in Bentonville will finance the construction of a health professions building. The bond will have a maximum term of 25 years and an estimated annual interest rate not to exceed 6.6 percent.
A $5.18 million bond for Mid-South Community College in West Memphis will finance the construction of a biodiesel technology building. The bond will have a maximum term of 30 years and an estimated annual interest rate not to exceed 5 percent.
A $5.18 million bond for the University of Arkansas Community College at Morrilton will finance infrastructure improvements. The bond will have a maximum term of 10 years and an estimated annual interest rate not to exceed 0.38 percent.
Arkansas, Pages 15 on 07/31/2010