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| Mon, Sep. 8, 2008 |  |
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Matching funds available for families' college savings Saturday, Jan 19, 2008 Arkansas News Bureau LITTLE ROCK - The state is accepting applications for a new program to help Arkansas parents save money for their children's college education, Gov. Mike Beebe and higher education officials announced Friday. The Aspiring Scholars Matching Grant program, created last year by the Legislature, will provide $250,000 over two years to match funds deposited into the state's GIFT College Investing Plan, which offers tax-deferred earnings and tax-free withdrawals for higher education expenses. Arkansans enrolled in the GIFT Plan must have an adjust gross income of $60,000 or less to qualify for a one-to-one match of up to $500 annually. Those with an income of $30,000 or less can qualify for a two-to-one match of up to $500 annually. The program is open to GIFT Plan account holders who are Arkansas residents and whose beneficiaries also are residents. The program was modeled after the state's Individual Development Account program and the Southern Good Faith Fund's SEED project in Helena-West Helena. Through the SEED program, 75 elementary school children have saved an average of $1,777 each toward college, said Mike Leach, policy director for the Southern Good Faith Fund. Matching funds will be granted based on need. The application period ends April 30. |
