Arkansas among first states in the nation to launch gift card program.
The Arkansas 529 College Investing Plan administered by the Arkansas State Treasurer's office has partnered with GiftofCollege.com to offer gift card registries for all 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. Arkansas is the fourth state in the nation to launch the Gift of College program, according to a news release from Arkansas State Treasurer Dennis Milligan.
“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,” Milligan said in the release. “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.”
With the new gift cards being offered, parents will have the opportunity to encourage financial gifting by linking Gift of College invitations to birthdays, special occasions, graduations and holidays.
The gift cards are currently available for purchase online at www.arkansas529.org and at Toys“R”Us and Babies“R”Us stores across Arkansas and online at Toysrus.com and Babiesrus.com beginning Jan. 1.
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, the release adds. 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.
An account can be opened up on the Arkansas 529 website for as little as $25.
“We want to make higher education a reality for all students in Arkansas, whether they choose to attend a traditional university or a technical or vocational school,” Milligan added. “I want higher education to be an option for all who want it, regardless of their financial background.”
The Arkansas 529 College Investing Plan allows Arkansas taxpayers to deduct up to $10,000 in contributions to an Arkansas 529 account from their Arkansas adjusted gross income taxes. The Arkansas 529 program is administered by the Treasurer of State’s office.
The 529 plans were established to help parents and grandparents save money for college that can be used at schools across the country and some institutions abroad, the release notes.
Information is available at www.arkansas529.org.
Founded in 2008, GiftofCollege.com is a gift registry for college savings plans that lets friends, family and employers contribute easily online or with gift cards. Gift cards are redeemable at GiftofCollege.com for deposit directly into any existing or newly started 529 plan or student loan account. Gift of College also provides a social savings platform where parents can promote their child's education within their communities, making saving for college, simple, fun and top-of-mind.