Arizona college savings program tops $1 billion in assets



Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

PHOENIX (AP) — A plan that lets Arizona families save for college tuition and earn money on the deposits tax-free has topped $1 billion in assets.

The milestone announced by the state agency that oversees the Arizona Family College Savings 529 program comes just 16 years after it was created.

More than 75,000 accounts are in place allowing parents, grandparents or relatives to contribute to an account set up for a child's college tuition. Earnings are tax-free if used for tuition or other college expenses.

Arizona's plan is sponsored through the Arizona Commission for Postsecondary Education. Executive director April Osborn said in a statement Tuesday that research shows that college with any college savings are six times more likely to attend a four year school.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Associated Press

    SIGN UP FOR THE KSL.COM NEWSLETTER

    Catch up on the top news and features from KSL.com, sent weekly.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast