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6-81-1703. Loan amounts — Term — Renewal.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-81-1703. Loan amounts — Term — Renewal.
(a)(1) The loan amounts under this subchapter shall be the lesser of:
(A) Five thousand dollars ($5,000) per academic year; or
(B) The total cost of attendance for an academic year at the institution of higher education in which the individual is enrolled less any other scholarships or grants received by the individual for that academic year.
(2) The total amount of loans awarded to an individual under this subchapter shall not exceed ten thousand dollars ($10,000).
(b) A loan made to an individual under this subchapter shall be:
(1) For one (1) academic year; and
(2) Renewable annually until the individual graduates from the institution of higher education and receives a degree, if the individual:
(A) Continues to meet the eligibility requirements under § 6-81-1702; and
(B) Meets the satisfactory academic progress standards required to receive other financial aid at the institution of higher education where the individual is enrolled, as determined by the Division of Higher Education in conjunction with the institution of higher education.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-81-1703
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:6-81-1703
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ba4e1744542495836ff29350ad62b0c212a089eeb00717a4356195b8ac5b4526
Source location: content.xml paragraph 43833
Stored source content
6-81-1703. Loan amounts — Term — Renewal.
(a)(1) The loan amounts under this subchapter shall be the lesser of:
(A) Five thousand dollars ($5,000) per academic year; or
(B) The total cost of attendance for an academic year at the institution of higher education in which the individual is enrolled less any other scholarships or grants received by the individual for that academic year.
(2) The total amount of loans awarded to an individual under this subchapter shall not exceed ten thousand dollars ($10,000).
(b) A loan made to an individual under this subchapter shall be:
(1) For one (1) academic year; and
(2) Renewable annually until the individual graduates from the institution of higher education and receives a degree, if the individual:
(A) Continues to meet the eligibility requirements under § 6-81-1702; and
(B) Meets the satisfactory academic progress standards required to receive other financial aid at the institution of higher education where the individual is enrolled, as determined by the Division of Higher Education in conjunction with the institution of higher education.
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Arkansas Code — all titles (historical 2020) · legal_authorities
6-81-1702. Eligibility — Loan amounts — Term.
(a) An individual is eligible for a loan under this subchapter to be used for financing the individual's cost of attendance at an institution of higher education if the individual:
(1) Is a lawful resident of the State of Arkansas;
(2) Has successfully completed his or her sophomore year at an institution of higher education;
(3) Is enrolled in good standing at an institution of higher education in this state as a full-time junior or senior, as determined by the institution of higher education;
(4) Is majoring in a degree program that will lead to the individual's becoming eligible for licensure as a teacher in a high-needs subject area as identified by the Division of Elementary and Secondary Education; and
(5) Has entered into a written agreement with the Division of Higher Education to:
(A) Teach for five (5) consecutive years in a school or school district located in a geographic area identified by the Division of Elementary and Secondary Education under § 6-15-403 [repealed] as a critical teacher shortage area beginning immediately upon obtaining licensure; and
(B) Repay each loan at an interest rate and on a schedule as determined by the Division of Higher Education if the individual fails to meet the requirements under this subchapter.
(b) If the amount of funds available for the Teacher Candidate Loan Forgiveness Program is insufficient to award loans to all qualified applicants under this subchapter, the Division of Higher Education shall award the loans on a competitive basis as determined by the Division of Higher Education.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-81-1702
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 6-81-1702. This identifies an authority to review, not proof of applicability.