The Arkansas 529 College Investing Plan administered by the Treasurer of State’s office partnered with GiftofCollege.com to offer gift card registries for Arkansas 529 college savings accounts.
The gift registry allows parents to deposit into any new or existing college savings plan, in addition to paying toward a student loan balance, according to a news release.
Arkansas is the fourth state in the nation to launch the Gift of College program.
“The Arkansas 529 Board that I chair decided to partner with GiftOfCollege.com so that we can help ease the stress of saving for college by providing Arkansas families with a simple way to save for higher education,” said Treasurer Dennis Milligan. “The Treasurer of State’s office through the Arkansas 529 College Investing Plan is proud to be among the first in the nation to launch this program. We are continuously looking for opportunities to be on the forefront of educating Arkansans about our Arkansas 529 programs.”
Parents will have the opportunity to encourage financial gifting by linking Gift of College invitations to birthdays, special occasions, graduations and holidays, according to the release.
An account can be opened up on the Arkansas 529 website for $25. Arkansas 529 College Investing plans help parents and grandparents save money that can be used at colleges, universities, technical or vocational institutions across the country and abroad. Account holders are able to take a state tax deduction on amounts contributed to an Arkansas 529 plan, up to $10,000 per married couple. Additionally, businesses are able to receive a state tax deduction for matching employee contributions to an Arkansas 529 plan.
The gift cards are currently available for purchase online at www.arkansas529.org and will also be available for purchase at Toys“R”Us® and Babies“R”Us® stores across Arkansas and online at Toysrus.com and Babiesrus.com beginning January 1, 2018.