$122 million will kick off University of Arkansas scholarship
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The University of Arkansas has secured more than $122 million — including a $100 million donation from the Hunt family — for a new scholarship.
Why it matters: The Land of Opportunity Scholarship will help low-income, academically successful students attend school, according to a news release from the university.
The big picture: Chancellor Charles Robinson, who began the top job early last year, has said it's his priority to make the university more affordable for poor Arkansans and to improve retention rates among students from low-income families.
- The university saw its highest-ever retention rate of freshmen from fall to spring semester in 2023-24 with 95% of full-time, degree-seeking freshmen sticking around.
How it works: The pledged $122 million puts the university at already reaching more than half of its three-year $200 million fundraising goal. The plan is for the first scholarship recipients to start in fall 2026.
- No minimum nor maximum is set for the scholarship amount, University Advancement spokesperson Rachel Moore told Axios. How much free aid students are already receiving will be taken into account. Moore confirmed the scholarship is only for in-state students.
Zoom in: The $100 million gift comes from Jane and Bryan Hunt, the children of J.B. and Johnelle Hunt, who founded the Lowell-based trucking company.
- "J.B. Hunt, who was forced to quit school in the seventh grade and start working to help his family due to harsh economic conditions, was a visionary who persevered with grit and determination to achieve phenomenal success throughout his life," Scott Varady, vice chancellor for advancement, said in the news release.