FAYETTEVILLE, Ark. — Students who qualify to attend the University of Arkansas but who may need additional financial support to attend the institution will soon have a new opportunity to make pursuing a college degree a reality.

The University of Arkansas has launched Access Arkansas, a program committed to raising money for need-based scholarship support. The program was approved in the fall of 2006 by the university’s Board of Advisors, an organization that helps guide the institution's advancement and fundraising efforts. Access Arkansas, which has already raised $500,000 in gift commitments, focuses on undergraduate students. The overall goal for the program is $15 million over five years.

“There is an immediate need for an initiative like Access Arkansas,” said Chancellor John A. White. “Many students work part-time and even full-time jobs while they are in school and still graduate with an inordinate amount of debt. In fact, many students never graduate because they do not have the financial support to remain in school. Access Arkansas will help individuals who face these challenges. Our state is near the bottom nationally in the percent of people 25 and older who have earned a bachelor’s degree, and the affordability of college is certainly a factor in this statistic.”

Over the years, it has become increasingly difficult for lower- and middle-income Arkansans to pay for a college education, both at the University of Arkansas and other institutions across the state. Many face a significant funding gap, which is the difference between the cost to attend the university and the money a student can secure from all sources, including family, scholarships, grants and loans. Data reveal that the annual average funding gap at the University of Arkansas for nearly 4,000 students who completed federal financial aid forms has risen steadily from $7,502 in 2005 to $8,646 in 2007. In fact, the average debt load carried by students by the time they graduate from the university has reached approximately $20,000.

A degree is undoubtedly needed in today’s labor market. The rising cost of earning a bachelor’s degree - particularly in a state with the economic demographic of Arkansas - is a real barrier for many students, and workers with at least a bachelor’s degree gain access to the nation’s higher paying jobs, according to Bureau of Labor Statistics reports. Recent Census Bureau data show the average salary for a person with a bachelor’s degree is $23,000 more than the average salary of a non-degreed individual. The economic competitiveness of Arkansas is undercut because too many citizens cannot break the cost barrier. Through Access Arkansas endowments, each benefactor will play a major role in the effort to bring private, long-term support to this campus for need-based scholarships.

“The importance of need-based financial support extends well beyond our university,” said Dave Gearhart, vice chancellor for University Advancement. “Governor Beebe recently announced the GO! Opportunities Grant Program in Arkansas, which will award money to students with need. This statewide commitment truly demonstrates the breadth of this issue. Through the Access Arkansas program, we will work to extend access to all capable students. We are grateful to those who have contributed so far, and we hope to see many alumni and friends of the university supporting this critical initiative.”

A minimum gift of $50,000 is required to establish a named Access Arkansas endowment. This can be pledged over a five-year period. An Access Arkansas endowment may also be established with a planned gift of at least $100,000.