SOURCE: Virginia529 College Savings Plan

Virginia529 College Savings Plan

November 30, 2015 11:57 ET

Virginia529 prePaid Tuition Program Opens Tomorrow

Prepaying Yields Peace of Mind for Parents and Grandparents

RICHMOND, VA--(Marketwired - November 30, 2015) - Families looking to beat the rising tide of higher education costs can get a jump on college tuition starting tomorrow. The annual enrollment period for Virginia529 prePAID (prePAID) runs December 1 through March 30, 2016.

Each semester purchased now will fund a future semester of the normal, full time undergraduate in-state tuition and mandatory fees at a Virginia public two- or four-year institution. Students may use prePAID at any institution across the country where 529 plans are accepted, although payouts will differ.

"When customers tell us why they chose prePAID, the biggest reason is peace of mind," explained Mary Morris, CEO of Virginia529. "The sacrifice one may have to make now by paying in advance yields tremendous relief when the first college bill arrives."

Parents, grandparents and other loved ones can start a prePAID account for a child with as little as $30 a month for a Tier II semester. Prices and payment options vary by the age of the child, length of payment term, and number and type of semesters purchased. Families may spread the payments out monthly for a term they select, pay in a lump sum or combine the two with a down payment followed by monthly payments.

A prePAID calculator available at Virginia529.com illustrates the full array of price and payment options. Families can try out various scenarios before deciding what works best for their goals. The cost -- and gift of college -- can be spread by having multiple family members purchase one or two semesters.

The application period is open through March 31, but the first payment is not due until May 1, 2016. To take advantage of the 2015 Virginia income tax deduction for Virginia529 contributions, make a full or partial payment on a new contract by December 31, 2015.

As one of four 529 college savings programs offered by Virginia529, payments to a prePAID account are deductible from Virginia individual taxable income, up to $4,000 per account per year. Any payments over $4,000 per year may be carried forward and deducted in future years.

Visit Virginia529.com to review the prePAID Program Description and enroll online.

About Virginia529 College Savings Plan:
Virginia529 makes higher education more accessible and affordable for families and individuals. With $55 billion in assets under management and 2.4 million accounts as of October 31, 2015, Virginia529 is the largest 529 plan available. Four flexible, affordable, tax-advantaged programs -- Virginia529 prePAID (prePAID ), Virginia529 inVEST (inVEST ), CollegeAmerica® and CollegeWealth® -- and early commitment scholarship program SOAR Virginia® assist students of any age in reaching their higher 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: your state or the beneficiary's state of residence (if different) may sponsor a 529 plan that offers state income tax and other benefits not available to you through Virginia529 College Savings Plan. ©2015 Virginia College Savings Plan. All Rights Reserved.

Contact Information

  • For more information, contact
    Kelley Hope
    Communications Manager
    804-225-2452
    Email contact