Nevada Prepaid Tuition Program Now Open
More so now than ever, a college education is becoming a requirement to a better future. The Nevada Prepaid Tuition Program has been helping families across the state become better prepared to meet the rising costs of a college education since its inception in 1998. It continues to be an attractive alternative to exhausting family savings or depending solely on student loans when sending a student to college. Along with the other Nevada 529 College Savings Plans administered through the Nevada State Treasurer’s Office, this Program is designed to help parents, other family members, and friends maximize the opportunity of saving for college. Since inception, 14,120 contracts have been purchased by Nevadans, and enrollment continues to grow. Last year alone, accounts rose by 15%, following a 26% increase in 2010.
The Nevada Prepaid Tuition Program provides many benefits, the foremost being the ability to avoid the continually escalating costs of higher education by locking in today’s rates and avoiding future tuition increases. Several affordable plan options, including flexible payment plans starting as little as $36 per month, are available. Contract holders can select from five different tuition plans and can pay for their contract in a lump sum payment, over a five year period, or monthly until graduation. Earnings are tax-deferred until the contract beneficiary attends college, and are then tax-exempt as long as the funds are used for tuition costs. A Nevada Prepaid Tuition contract is not limited to Nevada schools; it can be used at any accredited public or private university, college, or vocational school in the United States. To add to its flexibility, contract holders can transfer the contract to another qualified beneficiary (up to a first cousin), keep the contract for up to six years, or cancel the contract and request a refund if the beneficiary decides not to go to college after graduation. A popular component of the Program is a gift coupon option that can be used by other family members and friends to give a gift toward a child’s Prepaid Tuition contract. The coupon, available on our website, can be used for birthdays, religious celebrations, graduations, or any other special occasion.
Parents and caregivers are encouraged to enroll their children in this valuable program now through February 28th, when the open enrollment period concludes. Enrollments for newborns are accepted through June 30th. The earlier you begin your child’s savings account the lower the price, so visit NevadaTreasurer.gov or call 1-888-477-2667 today! Sign-up for payroll deduction through your employer and receive 50% off the enrollment fee!