Arkansas sets aside money for student aid and college programs

The law sets aside money for student grants, scholarships, loans, and other higher education programs. The money supports student aid, medical education, and building maintenance at state-supported colleges, among other higher education programs. Money may be spent only from the specified funds and within the listed amounts, under applicable state fiscal controls. These appropriations cover the fiscal year ending June 30, 2027.

The Division may move money between financial aid programs when student numbers call for it. Transfers may be made only between financial aid programs covered by this provision. The Division director must certify the need. The Chief Fiscal Officer must approve, and the Arkansas Legislative Council or Joint Budget Committee must review the transfer. This authority applies from July 1, 2026, through June 30, 2027.

A college president or chancellor may move positions and money among the college's budget units for certain administrative changes. The authority covers institutions of higher education and their campuses, divisions, branches, and other budget units. The president or chancellor must find the move necessary to reorganize or combine administrative work, and the board of trustees must approve it. Legislative Council or Joint Budget Committee approval is also required first. Academic program changes need Division review first. A college may submit no more than two requests per year, covering no more than five percent of its specified resources. Tobacco settlement money cannot be moved. This authority applies from July 1, 2026, through June 30, 2027.

The state must set aside $295,000 to promote higher education programs, including at least $147,500 for the Arkansas Future Grant. Promotion covers programs and initiatives offered through the Arkansas Department of Education's Division of Higher Education. The money comes from general revenue received and distributed through the Higher Education Grants Fund Account. This direction applies from July 1, 2026, through June 30, 2027.