Time is running out to prepay tuition at Virginia public colleges and universities through Prepaid529. The final enrollment period for the program in its current form ends April 30, 2019, with Prepaid529 then permanently closing to new enrollees.
Prepaid529 provides Virginia families the opportunity to guard against escalating tuition costs by purchasing up to 10 semesters of undergraduate in-state tuition and mandatory fees at two- and four-year Virginia public colleges or universities.
Students may use Prepaid529 at any eligible educational institution across the country, although payouts will differ. Prices and payment options vary by the age of the child, length of payment term, and number of semesters purchased.
The deadline to enroll is Tuesday, April 30, 2019.
For more than 20 years, Virginia529 has helped hundreds of thousands of Virginians prepay tuition for their loved ones through Prepaid529. Tuition and mandatory fees are typically the most expensive part of higher education, and increasingly families are shouldering the majority of the cost to go to college.
With that in mind, Virginia529 leadership will be creating a newly structured program that would address families’ savings needs amid changing college tuition and fee models and unpredictable tuition growth, among other factors.
Legislation unanimously passed in the Virginia General Assembly House and Senate, and in March, Gov. Ralph Northam signed the proposal into law that would authorize Virginia529 to change the benefit structure for future accounts. These changes are still being finalized – sign up for updates as they occur.
There will be no changes to existing Prepaid529 contracts, and current contracts will retain the Prepaid529 benefit structure in effect at the time of purchase. Individuals who later decide they prefer the new benefit structure may transfer a Prepaid529 contract to the new program.