(a) No student may utilize scholoarship funds for educational purposes beyond the baccalaureate degree.
(b) There shall be an exception to the requirement of subsection (a) of this section for any student who receives a baccalaureate degree in three (3) years or less. The student may receive an award of the scholarship for a fourth academic year to be used as a full-time student enrolled in a postgraduate program at an approved institution.
(c) In the event the number of students who qualify for a scholarship under this subchapter during an academic year exceeds the amount of funds appropriated to the Higher Education Grants Fund Account for purposes of funding students who qualify for a scholarship under this subchapter during the given academic year, the excess awards that qualify for distribution under this subchapter shall be funded with any net proceeds from the state lottery remaining after the Division of Higher Education allocates sufficient funding to award the following scholarships at levels equivalent to the awards made in the previous academic year:(1) Arkansas Academic Challenge Scholarship, § 6-85-201 et seq.; and(2) Arkansas Workforce Challenge Scholarship, § 6-85-301 et seq.
(1) Arkansas Academic Challenge Scholarship, § 6-85-201 et seq.; and
(2) Arkansas Workforce Challenge Scholarship, § 6-85-301 et seq.