Enrollment for Nevada Prepaid Tuition Program Set to Begin
By Michelle Mortensen, Investigative Reporter - email
LAS VEGAS - College tuition is expensive these days. For Nevada schools, a four-year degree will cost approximately $60,000. For out-of-state schools, the four-year average is more than $80,000. Private schools cost more than $100,000.
Thanks to a Nevada program, tuition might not cost as much as you might think. Nevada offers a prepaid tuition program to families. Enrollment into the program starts December 1st.
According to Nevada Treasurer Kate Marshall, this program helps make college more affordable. Studies show it also increases your child's chances of attending a four-year university.
"As soon as your child has a college savings account with their name on it, they're seven times more likely to go," Marshall said.
Here's how it works. A parent makes payments into the Nevada 529 payment program. You can make the payment as a lump sum or monthly. Either way, the money is there for your child to use for school. If your child chooses a Nevada college or university, he or she pays today's tuition rate, not the rate when he or she actually attends. If your child doesn't go to college, the money can be rolled over to another child or refunded.
"Let's say all of a sudden you lost your job, your spouse loses their job. Life is difficult. What can I do? Call us. You can withdraw the money. We'll take $100 as an administration fee, and you can have your money back," Marshall said.
The most affordable plan costs $36 a month. As for the free tuition, if you enroll your child in December, he or she will be entered into a contest to win free tuition for a year.