The AFCZ or Arizona family college savings program is one of the best ways for families to save money for their children’s college tuition. This section 529 college savings plan sponsored by the state of Arizona is designed to help families meet the costs of obtaining a higher education. This program has many different tax advantages and is very flexible when it comes to meeting the needs that families have.
Investing in your child’s future education can be one of the most important decisions that you make. A good education can make the difference in a person’s life and the quality of life that they live. Here are some of the plan benefits that you can take advantage of with the Arizona 529 college savings plan.
Arizona Tax Deductions with the 529 College Plan
Arizona taxpayers can deduct $1500 a year if they are married or $750 a year if they are single toward the 529 college savings plan. The contributions that are made into these accounts grow on a tax-deferred basis.
The Arizona 529 plan has many different options for Arizona citizens. These options include plans that begin with monthly contributions for as low as $15 a month. Starting the plan early in your child’s life can help you get off to a good start. Small monthly contributions can add up very quickly and make a difference when it’s time to pay for college.
Colleges that you can attend with Arizona 529 College Savings Plans
Savings that have been accumulated can be used at all United States DOE accredited universities, private colleges, colleges, and vocational schools in the US. In many cases eligible foreign institutions will also accept money from the Arizona 529 plan. This gives students the ability to choose from many universities that are not an Arizona if they choose to study in a different state. This flexibility makes the 529 college plan extremely valuable.
Changing Account Beneficiaries
In many cases changing the account beneficiaries can be very beneficial to anyone that I started a 529 plan. This can be used in case your child gets a college scholarship or decides not to attend a college or university. In this case you have the flexibility of changing the beneficiary annually to a different member of the family that may take advantage of the money in the plan.
Anyone can make a Contribution
Another great benefit to the Arizona 529 college savings plan is that anyone can make a contribution to a plan that exists. Family members and grandparents can make contributions as gifts which can help pay for their loved ones college tuition. This may be one of the best gifts that someone can give. In many cases these contributions are tax deductions.
College tuition can be very expensive. In many cases students fail to attend state universities because they cannot afford the cost of rising tuition. In some cases students are forced to drop out of school because they are trying to attend college and hold down a job to help pay for their schooling. The Arizona 529 college savings plan can help students get the money they need to get the education that they deserve.