ARKANSAS

Arkansas GIFT College Investing Plan

Type: Savings

Phone: 887-442-6553

State tax deduction for residents: No deduction

Open to nonresidents: Yes

Refund provisions: Penalty of 10% of earnings

Minimum/maximum contributions: $250 / $245,000

This Merrill Lynch plan invests in Mercury and Franklin Templeton funds and includes four fixed options, plus an age-based portfolio that's 90% in stocks until about age 9. Nonresidents must invest through a financial adviser. There's a 0.6% asset-based fee, plus underlying expenses that range from 0.7% to 1.38%. Expenses can be even higher if you buy through a broker. There's also a $25 annual fee, waived for residents and those with balances of at least $25,000.

State College Savings Plans