Today, May 29, is College Savings Awareness Day in Arkansas, as proclaimed by Governor Mike Beebe. To celebrate the day, Little Rock Family visited P. Allen Smith's Moss Mountain Farm yesterday (check out our blog post here for photos of the gorgeous home and gardens!) for an educational event about how parents can save for college.

Currently, 4 out of 10 parents of college-bound kids are not putting money aside for a secondary education. The lack of college savings leaves students with the burden of paying off school loans long after graduation.

Through a panel of experts and parents, we learned about the Arkansas 529 College Savings Plans, an easy way for any parent, grandparent or caregiver -- regardless of income -- to start saving for their children's futures. The GIFT Plan 529 plan offers an Arkansas State income tax deduction and other tax benefits. The funds are set aside for the sole purpose of schooling, whether your child chooses to attend a traditional four-year college, trade school, or any other school accredited by the U.S. Department of Education.

Plus, for those who have a qualifying income (households incomes below $60,000 per year), the program offers a matching grant. That's right--free money! The maximum matching grant is $500 a year for up to five years. You can learn more about the program here.

Gwen Moritz, the editor of Arkansas Business and a member of yesterday's panel, signed up for a similar plan in Tennessee, soon after her first son was born. When her family moved back to Arkansas, she started contributed to a college savings plan here as well. Now, Moritz says, her oldest son is out of college and debt-free with help from the Arkansas Scholarship Lottery and the funds that accumulated all those years. Her youngest is halfway through college and should also graduate with zero debt.

Regardless of how much a parent or grandparent is able to contribute to the plan each pay period, Moritz said, "Every dollar you save for college, you're going to earn money. Every dollar you borrow is going to cost money." Saving enough money for an entire education takes an early start and a lot of sacrifice, but Moritz said all families are capable if they convert expenses to savings: "When I stopped buying diapers, I put that money in savings," she said. "Same with childcare."

To celebrate College Savings Day, the GIFT Plan is giving one lucky winner $529 for higher education. Simply fill out the entry form by May 31 to be entered.

To learn more about the state-run 529 plans, read our full article here, or visit Arkansas529.org to get started. Still have questions? Contact Emma Willis at (501) 682-1415, ewillis@artreasury.gov.