Currently, the cost of a college education at a public four–year college averages approximately $8,250 a year for in-state students; $28,500 annually at private schools; and nearly $3,000 a year at two-year colleges. Keep in mind; these charges are just for tuition and fees! They don’t include money for textbooks, food or lodging.
That’s enough to make your heart race if you have kids or grandkids. But thanks to Virginia529 College Savings Plan, there is way to pave a smoother road to pay for your child’s education.
Open Enrollment December 1, 2013 – March 31, 2014
Virginia529 is holding open enrollment for prepaid tuition from December 1, 2013 until March 31, 2014. It’s a good time to get start on college savings for your children. And when you use your Richmondmom.com Savvy Saver card, you can waive the $25 enrollment fee.
If you’re a grandparent, this is the perfect Christmas gift, birthday gift, or just a special way to help out your grandkids (and adult children too!).
Benefits during the enrollment period:
beneficiaries may be newborns through ninth graders- first payment not due until May 1, 2014 although earlier payments are accepted (2013 payments are tax deductible when you make a payment by December 31, 2013)
- purchase contracts to cover future undergraduate in-state tuition and mandatory fees at Virginia public colleges and universities
- purchase contracts starting at $2,900 to cover one semester at any Virginia community college or a fraction of a semester at a 4-year Virginia public college or university.
- enjoy flexible payment options with lump sum, monthly installments or down payment with additional monthly payments
Tax Deductible
You can also deduct prePAID payments for Virginia income tax purposes – up to $4,000 per account per year. But for 2013 tax deductions, a full or partial payment must be made by December 31 so don’t miss this opportunity to save on your taxes this year too.
Click here to learn more about all Virginia529 programs and payment options. They offer lots of flexibility and you’ll be relieved you made this decision when it’s time for your child(ren) to head off to college.
