What is Nevada Prepaid Tuition?
Nevada Prepaid Tuition is Nevada’s 529 prepaid college tuition program, which allows purchasers to select and purchase a contract for a specific number of either college or university level higher education credit hours at a locked-in contract price and pay for that contract over an extended period of time.
How do I purchase a contract?
You can enroll online at NVPrepaid.gov, or an enrollment form can be mailed directly to you by contacting the Nevada Prepaid Tuition Office.
When can I purchase a contract?
Open Enrollment dates are set annually. For 2016/2017 contracts may be purchased between November 1, 2016, and March 31, 2017.
May two people jointly purchase a contract?
No. Only one purchaser is allowed to own a contract. However, other individuals may make gifts and payments toward the contract. The purchaser may also appoint a legal successor.
What does the contract cover?
Your contract will pay the undergraduate in-state rate of credit hours at the level you select on the contract (university or community college). The contract cannot be used to pay room and board, books, or any fees or surcharges, including athletic fees, entrance fees, technology fees, or parking fees.
Does the purchase of a contract ensure that my child will be admitted to a college or university?
No. A beneficiary must meet the admissions requirements of the college of his/her choice and maintain the required academic status. The Program does not guarantee acceptance to any college or university.
What if I move out-of-state after I purchase a contract?
You can still make any regular contributions and use your benefits at eligible institutions.
What if I suddenly can’t make the monthly payment on my contract?
You may be able to convert the contract to a lower cost contract, increase the years you pay on the contract to lower the monthly payment, or close the contract and request a refund.
How does the program pay for the future costs of credit hours?
Assets in the Nevada Higher Education Trust Fund are used to pay Contract benefits. The Board, through the State Treasurer, is responsible to invest the money paid on contracts in the Trust Fund. As of June 30, 2016, the Trust Fund had current assets of over $227 Million.
Can this program be used at an out-of-state school?
Yes. Contract benefits may be used at any eligible educational institution nationwide. However, the cost of credit hours the Program will pay to any private or out-of-state college or university will be no more than the Program would have paid to a Nevada school under the contract purchased. The cost of credit hours paid may be less than the actual cost of such college or university. The purchaser or beneficiary will be responsible for payment of any difference in the actual cost and the benefits paid under the contract. You can go to http://www.fafsa.ed.gov to verify if a school is eligible.
What happens if my child decides not to go to college?
You may transfer the contract to another beneficiary who is a Family Member, keep the contract in effect, as the beneficiary has 6 years after the projected college entrance date to use their benefits, or you may cancel your contract and request a refund.
Can the program be used together with scholarships?
Yes. The Program may be used in conjunction with a partial scholarship, including the Governor Guinn Millennium Scholarship. If the scholarship does not cover the same benefits as the contract, you may elect to use benefits as originally planned. If the scholarship equals or exceeds the contract benefits, the purchaser may transfer the contract to another qualified beneficiary or cancel the contract and request a refund.