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Fostering education success for foster children.

As a foster parent, you have a key role in establishing a successful and promising future for the children in your care. You can also help form a foundation built on the importance of learning, and create a desire for higher education by investing in their educational future. By opening an Arkansas 529 account, you can help them prepare for post-secondary educational opportunities like attending a four-year or two-year university or a vocational school.

How the plan works.

  • Any foster parent can open an Arkansas 529 account for children in their care.
  • Arkansas Department of Human Services' Division of Children and Family Services (DCFS) will maintain ownership of their account until the child is permanently placed.
  • If the child is adopted, ownership of their Arkansas 529 account will be moved to the adoptive parent.
  • If the child is still in foster care at the age of 18, ownership of their Arkansas 529 account will be transferred to the child.

Why the Arkansas 529 plan?

The plan offers a variety of benefits for financial and education savers in Arkansas, including:

  • A state tax deduction of up to $5,000 (and up to $10,000 for married couples filing jointly) for contributions to Arkansas 529 plans.
  • Tax deferred earnings, and tax-free qualified withdrawals.
  • A low minimum investment - open your account for as little as $25 a month.

For more information on opening up an Arkansas 529 plan for a child or children in foster care, call 501-682-1406.

Learn more about Ascensus Broker Dealer Services, LLC on FINRA's BrokerCheck FINRA's BrokerCheck.

For more information about the GIFT College Investing Plan (the "GIFT Plan"), call 1.800.587.7301 or click here to obtain a Program Description and Participation Agreement, which includes investment objectives, risks, charges, expenses and other information; read and consider it carefully before making an investment or sending money. Ascensus Broker Dealer Services, LLC (“ABD”), the Program Manager, and its affiliates have overall responsibility for the day-to-day operations, including investment advisory services, recordkeeping, administrative services and marketing of the GIFT Plan. 

Please Note: Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program. You should also consult your financial, tax, or other advisor to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to contact directly your home state’s 529 college savings plan(s), or any other 529 plan, to learn more about those plans’ features, benefits, and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.

The GIFT Plan is a college tuition savings program sponsored by the State of Arkansas and administered by the Arkansas Section 529 Plan Review Committee ("Committee"). ABD, the Program Manager, and its affiliates have overall responsibility for the day-to-day operations, including investment advisory services, recordkeeping, administrative services and marketing of the GIFT Plan. The GIFT Plan's Portfolios invest in: (i) mutual funds; or (ii) an FDIC-insured omnibus savings account held in trust by the Committee at Sallie Mae Bank. Except for the GIFT Plan Savings Portfolio, investments in the GIFT Plan are not insured by the FDIC. Units of the Portfolios are municipal securities and the value of units will vary with market conditions.

Investment returns will vary depending upon the performance of the GIFT Plan Portfolios you choose. Except to the extent of FDIC insurance available for the GIFT Plan Savings Portfolio, you could lose all or a portion of your money by investing in the GIFT Plan, depending on market conditions. Account Owners assume all investment risks as well as responsibility for any federal and state tax consequences.

Not FDIC-Insured (except for the GIFT Plan Savings Portfolio). No Bank, State or Federal Guarantee. May Lose Value.