Arizona 529 College Savings Plan
About: Four FDIC-insured options are offered in the Arizona Family College Savings Program — CollegeSure 529 Plan: (1) the CollegeSure CD with a variable interest rate pegged to a private-college tuition index, (2) the InvestorSure CD with an interest rate pegged to a percentage of the increase in the S&P 500 Index over a five-year period, (3) fixed-rate CDs with one-year or three-year maturities, and (4) the Honors Savings Account, a high-yield savings account available from College Savings Bank, a Division of NexBank SSB.
Phone #: 1-800-888-2723
Investment Options: The interest rate on the CollegeSure CD is pegged to a private-college tuition index, less a margin percentage assigned at the time of purchase. The InvestorSure CD has a five-year maturity and earns interest tied to a percentage of the increase in the S&P 500 Index (70% as of May 1, 2012). Fixed-rate CDs earn interest at the rate posted at the time of purchase, and posted rates may change at any time. The Honors Savings Account featured an APY of 0.70% as of February 12, 2013. FDIC-insured certificates of deposit and a high-yield savings account from College Savings Bank, a Division of NexBank SSB
Tax Benefits: Contributions to Arizona AND non-Arizona 529 plans of up to $2,000 per year by an individual, and up to $4,000 per year by a married couple filing jointly, are deductible in computing Arizona taxable income. The original sunset date of December 31, 2012 has been removed, thus making the deduction permanent.
State Residency Requirements: No state residency is required to participate in Arizona 529 College Savings Plans.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ to 25% back that is credited to your account. There are more than 600 online retailers, including Target and more, which will give you rewards that can be used for college and tuition expenses.
The beauty of the Upromise program is that you save money for college by simply shopping at the normal stores you visit every day. Upromise was created in partnership with Sallie Mae and is designed to help save for education costs.