Arizona is among the states with the worst 529 college savings plan, according to the most recent Morningstar rating, but the plan's director thinks it wasn't accurately evaluated. Morningstar was particularly critical of Pacific Life and Securities Management Research, two of the plan's providers. Fidelity Investments and Waddell & Reed also support Arizona's 529, although Morningstar did not criticize them.

"It's disappointing that Morningstar is unable to look at the program as a whole," April Osborn, executive director of the Arizona Commission for Postsecondary Education told The Arizona Republic.

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