The Nevada Treasurer’s Office and the College Savings Board of Trustees have announced the 2016 open enrollment period for the Nevada Prepaid Tuition Program that began this weekand continues through March 31, 2016.
The Nevada Prepaid Tuition Program enables parents, grandparents and other family members to lock in future college tuition rates at today’s prices. “Tomorrow’s Tuition. Today’s Prices” is the theme of the Nevada Prepaid Tuition program, which is designed to encourage parents to plan for their child’s future education needs regardless of where they choose to attend college.
“The Nevada Prepaid Tuition program gives you peace of mind knowing that you’ve locked in today’s rates for your child’s future college tuition,” said Nevada State Treasurer Dan Schwartz. “The sooner you start, the more you can save. Parents who purchased a four-year university plan in 1998 paid $69 per credit hour. When their child enrolled in college in 2015, tuition had increased to $199.25 per credit hour. Most of those families will save over $15,000 by the time their child graduates from college.”
Schwartz, along with the other members of the College Savings Plans of Nevada Board, voted to keep prices flat despite the looming 4% increase at Nevada System of Higher Education institutions.
“The Nevada Prepaid Tuition Program’s funded status is at 127 percent and with the strong investment returns last year, we were thrilled to be able to help make college affordable for Nevadans,” he said.
Nevada Prepaid Tuition will cover the cost of credit hours. The program can be used with other 529 college savings plans or scholarships to cover additional expenses, including books, fees and housing. Under the terms of The Nevada Prepaid Tuition Program, benefits may be used at any eligible school in the country – meaning benefits can be used to pay tuition costs at public or private colleges, universities or trade schools that are eligible to participate in federal student aid. A list of eligible schools can be found at www.FAFSA.ed.gov.
For more information on the college savings programs offered through the Nevada State Treasurer’s Office, please visit www.NV529.org.
Flexible plans and payment options range from four-year university to two-year community college and from a one-time lump sum payment to extended monthly payments. Plans are for newborns through 9th graders.
“Our goal is to make this easy and affordable for Nevada families so that cost of a college education is manageable and the dream of a degree becomes a reality.”