Earlier this month, Arkansas Treasurer Dennis Milligan announced his team has partnered with The Arkansas Student Loan authority, Arkansas Department of Education and the 529 Education Savings Plan to launch an online education-readiness program, found at ARCollegeSaver.org.
Treasurer Milligan breaks down the plan’s details and explain the goals of this academic support program. The treasurer says state tax deductions will be provided for all residents of Arkansas who open an account with the 529 Savings plan. The money saved through the plan can be used to fund the cost of traditional colleges as well as technical schools and other qualifying institutions.
The name 529 refers to the Internal Revenue code section that lists this type of savings tool. All Arkansas residents age 18 and older with a valid physical address are eligible to open an account. There are also resources available though the website, that are designed to help families navigate the college financing process. Parents can find scholarship information, savings guidelines, loan estimates and more at ARCollegeSaver.org.
Milligan says he’s most excited about teaming up with the partnering organizations to help combat the debt crises many Arkansans have been facing. He also hopes for future members of the Arkansas workforce to be able to stay in the Natural State for their careers. Milligan believes education is key for that type of success.
Since Milligan was elected Arkansas treasurer in 2015, the Arkansas 529 plan’s assets have grown by $344 million.
For more information about college financing resources, visit ARCollegeSaver.org.
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