Arkansas 529 College Savings Plans – The Arkansas 529 GIFT Plan
About: The Arkansas 529 GIFT Plan, a 529 program sponsored by the State of Arkansas and available to investors nationwide, combines state and federal tax advantages with trusted investment management by The Vanguard Group, Inc. to help you reach your college savings goal.
Phone #: 1-800-587-7301
Investment Options: The Arkansas 529 GIFT Plan gives you several options for choosing the strategy that’s right for you, your child, and your particular risk tolerance:
GIFT Plan Savings Portfolio, a lower-risk, Federal Deposit Insurance Corporation (FDIC)-insured option. Age-Based Options, which automatically adjust as your child nears college age. Custom Portfolios, to create your own from a range of Vanguard-managed investment choices.
Tax Benefits: Contributions to an Arkansas 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing Arkansas taxable income. Contribution deadline is December 31, and state must receive it by a specified date following December 31.
State Residency Requirements: No state residency is required to participate in Arkansas 529 College Savings Plans.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ 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.