Guest Column: Future costs of college and how to plan for it
As a parent, you may be concerned about how to pay for your child’s future higher education expenses. You want what’s best for your children and to help them fulfill their dream of becoming whatever they want to be. However, as we all know, the cost of college is getting more expensive each year. By the time your children are ready for college, it may be even more expensive than you thought.
In recent years, college costs have been rising. The average tuition rate for a public college has increased by 9 percent over the past five years. It’s estimated that costs will continue to rise by 5 percent per year.
Of course you may feel concerned when considering these staggering figures. That’s where The State of Nevada is here to help. The Nevada State Treasurer’s offers college savings programs can help you prepare for the rising cost of higher education.
The Nevada Prepaid Tuition Program lets you lock in tomorrow’s in-state tuition at today’s prices. And, you can use the tuition benefits at any institution that accepts the Free Application for Student Aid (FAFSA) nationwide. This includes any eligible public or private university, college, or vocational school that’s qualified to participate in federal financial aid. Act now! Nevada Prepaid Tuition is now open for enrollment and newborns through ninth graders are eligible. This program can be used with other 529 college savings plans or scholarships to cover remaining higher education expenses, such as room and board, books, fees, and even a computer! Payments are affordable, and start as low as $38 a month and the payments won’t change regardless of future increases in tuition. That’s the benefit of locking in today’s in-state rates!
Education is important. Don’t let the rising cost of college discourage you from supporting your child’s dream of a college education. The Nevada State Treasurer’s Office has many programs to help you financially prepare for your child’s college education without dipping into your retirement accounts or taking out crippling student loans.
To learn more about Nevada College Savings Plans, visit our website http://www.NV529.org, or call us at 702-486-6980 or 888-477-2667.
Bob Seale, College Savings Board Chairman