The Aspiring Scholars Matching Grant Program provides eligible families with up to $500 per year for up to 5 years, based on a household's income levels.
Parent(s) or guardian(s) of a designated beneficiary in the Arkansas 529 GIFT Plan whose household adjusted gross income (AGI) for the previous calendar year is $60,000 or less. Both the account owner and the account's designated beneficiary must be Arkansas residents (either U.S. citizens or permanent resident aliens).
How does the program work?
- The account owner submits an application form (between January 1 and April 30).
- The Matching Grant Committee considers all of the applications.
- Applicants are notified by the Committee on or before June 30 about the status of the grant.
- If the grant is awarded; the funds will be deposited into a matching grant account for the designated beneficiary. This will be done by February 15 of each year for contributions made the previous calendar year.
- The maximum matching grant available is $500.
Matching amounts / guidelines
|Adjusted household gross income||Matching rate||Maximum grant|
|$0 to $30,000||$2 for each $1 contributed||$500|
|$30,001 to $60,000||$1 for each $1 contributed||$500|
Apply for an Aspiring Scholars Matching Grant one of these ways:
- By phone: Call the Office of the State Treasurer at 501-682-1391
- By mail: Mail your request for an application form to:
Section 529 Plan Review Committee
c/o State Treasurer
State Capital Building, Room 220
Little Rock, AR 72201
Applications are accepted between January 1 and April 30 of each year.
- An account owner must have a separate GIFT Plan account for the designated beneficiary at the time of the application (or submit a completed enrollment form together with the matching grant application)
- Payments from the matching grant accounts must be made directly to qualified institutions of higher education.
- Only one (1) matching grant account may be opened for any designated beneficiary.
- The application must be accompanied by Arkansas income tax return or other proof of income, such as a W-2 Form. For example, if you are submitting an application between January and April of 2009, you must enclose your completed tax return for tax-year 2008.
Matching grants are subject to availability of funds and can be reduced or stopped at the Arkansas Section 529 Plan Review Committee's discretion.