Open enrollment for the Nevada Prepaid Tuition Program begins Dec. 1 and will continue through the end of February.
The program enables parents, grandparents, and other family members to lock in future college tuition rates at today’s prices.
Nevada residents who purchase a prepaid tuition contract prior to Dec. 31 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,” Nevada State Treasurer Kate 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 the funded status of the Nevada Prepaid Tuition Program is currently about 112 percent, and that the board has adopted a plan designed to get the funded status to 120 percent 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 1-888-477-2667.