State Treasurer Kate Marshall and the Board of Trustees of the College Savings Plans of Nevada (Board) are reminding Nevada families that the deadline to enroll in the Nevada Prepaid Tuition Program for the 2014 open enrollment period is today.
The Nevada Prepaid Tuition program enables parents, grandparents, and other family members to lock in future college tuition rates at today’s prices.
“Parents should act fast to take advantage of the Nevada Prepaid Tuition Program benefit of locking in today’s tuition costs,” Marshall said. “College tuition and fees have gone up four times faster than the consumer price index. Purchasing a contract today provides peace of mind that you’ll be ready when the time comes for your child to attend college. As our slogan says, ‘Promise made. Promise paid!’”
For information about the Nevada Prepaid Tuition Program, go to NVPrepaid.gov, or call 775-486-2025, or toll free at 1-888-477-2667.
Parents can pay a lump sum, spread the payments out over five years with 60 equal payments, or pay each month from the time of enrollment until the child is ready to start college. Nevada Prepaid Tuition purchased credit hours may be used at any U.S. Department of Education accredited institution of higher learning, both in-state and out-of-state, including technical and trade schools. If the beneficiary makes the decision to enroll at a college outside of Nevada, the monetary value of the purchased credit hours at a Nevada college would be transferred to the out-of-state college.
Assets in the Nevada Higher Education Trust Fund are used to pay Contract benefits. The Board, through the State treasurer, is responsible to invest the money paid on contracts in the Trust Fund. As of June 30, 2013, the Trust Fund had current assets of over $162.4 million.
The Program may be used in conjunction with a partial scholarship, including the Gov. Guinn Millennium Scholarship. If the scholarship does not cover the same benefits as the contract, you may elect to use benefits as originally planned. If the scholarship equals or exceeds the contract benefits, the purchaser may transfer the contract to another qualified beneficiary or cancel the contract and request a refund.