RENO, Nev. (775 Times, NV Globe) – This week could be the ideal time to sign your child up for Nevada’s Prepaid Tuition Program. This is due to the fact that enrollment for a reduced enrollment cost of $0.01 must be completed before December 31, 2022. A $100 deposit will also be made into each enrollee’s Nevada Sponsored 529 College Savings account. Only 12 prepaid tuition schemes exist, including the Nevada Prepaid Tuition Program. It secures the current tuition rates for your child’s future education expenses.
“I think we can generally assume that the cost of college is not going down in the future,” said Nevada State Treasurer Zach Conine. “So it’s not a question about how much you’re going to save. It’s a question about, ‘What is the most effective way to provide higher education for my child?’ And prepaid tuition is a great way to do that and save quite a bit of money in the process.”
There are five potential options, including three university plans, a plan for community colleges, and a plan that combines community colleges and universities. A one-time lump sum payment, a five-year monthly payment plan, a ten-year monthly payment plan, and an extended monthly payment plan are all available as payment alternatives for plans.
Parents may have concerns about the course, such as what would happen if their enrolled kid decides to pursue a degree outside of the state. Conine claims that the program’s greatest asset is how adaptable it is.
“So if that child decides to go to a Nevada school, we pay the tuition. That part is easy,” he said. “If they choose to go to a school outside of Nevada, we’re going to pay the value of tuition in Nevada toward that school. So if that school is more expensive, the family makes up the difference. If that school is cheaper, then the family gets the money back.”
There are alternatives if a youngster enrolled in the program chooses against attending college.
“First off, you’ve got six years to use that. So if they want to take a gap year, do some traveling, that’s totally fine. If there are siblings or first cousins, you can transfer the program to them, as long as the kid is younger,” said Conine. “And if they never choose to use the program, we just return the money.”
The cost of the plan varies depending on the child’s needs, age upon enrollment, and payment method. The open enrollment period lasts through April 15, 2023, however the lower registration cost expires at the end of 2022. Visit NVigate.gov or dial (702) 486-2025 for additional information about the Nevada Prepaid Tuition Program or to enroll.
Credits: KOLO TV
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