State college savings plan available
October 15, 2007
Parents who want a nest egg that will pay their children’s college tuition can enroll in the Nevada Prepaid Tuition Plan until Dec. 14.
There are four plans offered through the state treasurer’s office – two- and four -year community college plans and two- and four-year university plans.
The program takes a lump sum payment from parents, grandparents or other benefactors and invests it on behalf of the future student. When the student enrolls in college, the plan then uses that money to pay his or her tuition.
The prices vary greatly depending on the plan chosen and the age or school grade of the student at the time the plan is purchased since the longer the state has to invest the payment, the lower that payment can be.
For a newborn, the cost for a two-year community college plan is $3,645 – which amounts to 209 payments of $32 a month. A four-year university plan purchased for a newborn would require a $17,300 lump sum payment or 209 monthly payments of $147.
For detailed information, contact the Nevada State Treasurer’s Office at nevadatreasurer.gov or at (888) 477-2667.