State Treasurer Kate Marshall and the Board of Trustees of the College Savings Plans of Nevada (Board) have announced the 2014 open enrollment period for the Nevada Prepaid Tuition Program, which begins on December 1, 2013 and continues through February 28, 2014.
The Nevada Prepaid Tuition Program enables parents, grandparents, and other family members to lock in future college tuition rates at today’s prices.
Promise Made, Promise Paid, is the theme of the Nevada Prepaid Tuition program, which is designed to encourage parents to plan for their child’s future college education needs.
Nevada residents who purchase a Prepaid Tuition contract prior to December 31, 2013 will be entered into a random drawing to win a year of free tuition for their beneficiary.
“The cost of college tuition continues to rise at unprecedented levels across the United States, but one way you can help tame those future expenses is to purchase a Nevada Prepaid Tuition contract today,” Marshall said. “By investing now in your child’s future education, you’ll be helping to pave the way to a brighter tomorrow.”
Marshall said she was proud to report that the funded status of the Nevada Prepaid Tuition Program is currently about 112%, and that the Board has adopted a plan designed to get the funded status to 120% to ensure the long-term viability of the program for Nevada families.
Nevada Prepaid Tuition purchased credit hours may be used at any U.S. Department of Education accredited institution of higher learning, both in-state and out-of-state, including technical and trade schools. If the beneficiary makes the decision to enroll at a college outside of Nevada, the monetary value of the purchased credit hours at a Nevada college would be transferred to the out-of-state college on the beneficiary’s behalf.
Newborns to ninth graders are eligible for the program. Parents have a variety of payment options: lump sum, spread the payments out over five years with 60 equal payments, or pay each month from the time of enrollment until the child is ready to start college.
“The program is especially affordable if parents open an account for newborn children, with plans starting as low as $36 a month,” Marshall added.
For more information about the Nevada Prepaid Tuition Program, go to NVPrepaid.gov, or call (702) 486-2025, or toll free, 1-888-477-2667.
Online registration, which is available as of December 1, makes the process quick and easy.