According to the State Arkansas Laws of Unemployment Insurance, it expects the person who is claiming for the unemployment benefit to be available for work while receiving the benefit.
But still, in exceptional cases like if you are taking up schooling for full time from an approved Federal Program such as the Trade Act or enrolled in training course that is approved by the Department Director then you are eligible to gain the benefit. But you need to check and clarify with your local office to determine if you are eligible for such type of exception or not.
If you are not qualified for such exception, you may still be eligible for benefits while attending school. The most important factor considered while determining the insurance benefit is the availability for work. Just make a note that your schooling should not affect your ability to accept job.