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Your child's tuition could be one of the largest expenditures you ever make. Fortunately, there are many options available. Educational goals can become a reality by planning ahead and making saving for college a priority. Use the College Savings Estimator to estimate the cost of higher education, savings priorities and create a personalized college savings report unique to your family’s needs.

The Arkansas Brighter Future 529 Plan, sponsored by the state of Arkansas, your savings can grow tax-deferred through a wide variety of Vanguard investment options. Later, the money can be withdrawn tax-free to pay for qualified higher education costs like tuition, room & board, computers, books, and supplies at nearly any two- or four-year college, university, vocational, or trade school.

Your Arkansas Brighter Future 529 Plan offers the flexibility to use funds at any eligible, accredited public or private college, university, or trade school worldwide; up to a $5,000 Arkansas tax deduction ($10,000 for married couples); tax-free withdrawals for qualified expenses; and an automatic investment plan for as little as $10/month.

Visit Arkansas Brighter Future 529 to get started saving today.

A Coverdell Education Saving Account (ESA) is a tax-advantaged investment account designed to encourage savings covering future education expenses (elementary, secondary or college), such as tuition, books, uniform, etc. It is found at section 530 of the Internal Revenue Code (26 U.S.C. § 530).

The tax treatment of a Coverdell ESA is similar to 529 plans with a few differences. Like a 529 plan, a Coverdell ESA allows money to grow tax deferred and proceeds to be withdrawn tax free for qualified education expenses at a qualified institution. However, the definition of qualified expenses in an ESA includes primary and secondary school, not just college and university. The account is named for its primary supporter in the U.S. Senate, the late Senator Paul Coverdell. To view additional information on Education Savings Accounts, visit Coverdell ESA Information from IRS.

EE and I bonds purchased after 1989 by someone at least 24 years old may be redeemed tax-free when the bond owners, their spouses, or dependents pay for college tuition and fees. Beginning in 2011, the tax exclusion was phased out at certain income limits specified at U.S. Department of Treasury information on Savings Bonds.

Early withdrawal penalties are waived when Roth IRAs and traditional IRAs are used to pay the qualified post-secondary education costs of yourself, your spouse, your children, or your grandchildren. (Taxes may still be due on the withdrawals, however.) View details at IRS Information on IRAs.