To receive federally funded financial aid and some other financial aid, students must complete the Free Application for Federal Student Aid (FAFSA), enroll as regular students in an approved degree or certificate program, meet citizenship requirements, demonstrate financial need, and maintain satisfactory academic progress. In addition, students must not be in default on any student loan program or Stafford Loan or owe a refund on a Pell Grant, SEOG, or state aid.

The majority of financial aid programs offered at South Arkansas College are need-based; however, a number of institutional scholarships are based on academic achievement and merit. Students must reapply for financial aid every year. For all financial aid, enrollment is calculated as of the eleventh (11th) class day of the semester for fall and spring semesters and the fifth (5th) class day for the summer semester.