Going to college full-time in Arizona can cost annually anywhere from $3,000 to attend a community college (while living at home) to nearly $24,000 per year for a public university (living on campus) for tuition, books, fees, and housing.
It’s important for students to plan ahead by saving, applying for financial assistance and/or competing for scholarships. But don’t let the cost of college deter you! There are many resources available.
The Arizona 529 Plan is a college savings plan named after Section 529 of the Internal Revenue Code sponsored by the State of Arizona.
The 529 Plan is designed to provide a parent, grandparent, or anyone else an opportunity to save for a child’s educational dreams within a tax-deferred savings vehicle.
The State of Arizona offers one of the most diversified 529 plans in the country. Arizona’s 529 Savings Plan benefits include:
- Qualified distributions are exempt from federal and Arizona State income taxes.
- Tax deductions for Arizona taxpayers contributing to a 529 plan up to $4,000 for married tax filers and $2,000 for single.
- College savings offered through multiple providers that include choices of CD’s, mutual fund options, and age-based portfolio.
- Contributions to accounts grow on a tax-deferred basis
- Assets are not considered when determining Arizona financial aid awards
- Savings can be used at all U.S. Department of Education accredited universities, colleges, private colleges and vocational schools in the U.S., as well as eligible foreign institutions.
- Allows for anyone to make contributions.
- Ability to begin saving with as little as $15 a month, although each plan provider may differ
- Ability to change account beneficiaries any time.College savings offered through multiple providers that include choices of CD’s, mutual fund options, and age-based portfolios
Visit AZ529.gov to learn more.
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