Due to legislative uncertainty and rising higher education costs, Virginia529 is voluntarily delaying Prepaid529 enrollment.
Interest in Prepaid529 remains high, but the steep and unpredictable increase in higher education costs since Prepaid529 first opened more than twenty years ago places Prepaid529 out of reach for many Virginia families. Virginia529 remains committed to its core mission of helping make college more affordable and accessible to all Virginians, and has drafted a legislative proposal to update and simplify the program. This proposal is currently under review by the General Assembly.
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. Installment payment plans are not affected by the delay or proposed changes. There also is no impact on Invest529 and CollegeAmerica, Virginia529’s two Morningstar top-rated 529 savings programs open to new accounts at any time, year-round.
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Virginia529 will be closely monitoring the upcoming Virginia General Assembly session as it convenes in January. Pending further developments, Virginia529 is planning to open Prepaid529 for an abbreviated open enrollment period in late winter/early spring 2019. Sign up for news and updates.