RICHMOND, Va. (April 16, 2019) – Time is running out to enroll in a program to prepay tuition at Virginia public colleges and universities. The final enrollment period for Prepaid529 ends April 30, 2019, with the program in its current form 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.
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.
A Prepaid529 calculator available at Virginia529.com illustrates the full array of price and payment options for a 2019 contract. Families can try out various scenarios before deciding what works best for their goals and budget.
Visit Virginia529.com to enroll, learn more about the tax deduction and review the Prepaid529 Program Description & Master Agreement.
About Virginia529 College Savings Plan:
Virginia529SM makes education more accessible and affordable for families and individuals. With more than $71 billion in assets under management and 2.7 million accounts as of February 28, 2019, Virginia529 is the largest 529 plan available. Three flexible, affordable, tax-advantaged programs–Prepaid529SM, Invest529SM and CollegeAmerica®–and early commitment scholarship program SOAR Virginia® assist students of any age in reaching their education goals. For more information on Virginia529’s college savings options, visit Virginia529.com or call 1-888-567-0540 to obtain program materials. These include information on Virginia529 programs, investment objectives, risks, charges, expenses and other important information; read and consider them carefully before investing. All investments are subject to risk, including the possible loss of the money you invest. Virginia529 encourages prospective participants to seek the advice of a professional concerning any financial, tax or legal implications related to opening an account. For residents of states other than Virginia: before investing, you should consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protections from creditors that are only available for investments in that state’s qualified tuition program. ©2019 Virginia College Savings Plan. All Rights Reserved.
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