Tuition and Financial Aid Procedures (Arkansas Activities Association/ AAA)
ARKANSAS 529 PLAN
Arkansas families now have the option to use their 529 plan savings toward private K-12 education thanks to a new state law, along with the ease of access with the Gift529 app. Those who open a 529 plan build savings for a child’s college education tax free. When the child then attends a college, university or vocational school in- or out-of-state, withdrawals from the account will not incur federal income tax. Anyone can make contributions to a plan, starting with as little as $25. Because of the updated law, parents can take out up to $10,000 tax free each year toward private K-12 education, while also continuing to save for college expenses.