Did you know that the average cost of college tuition at public 4-year institutions has an average annual increase of 7.0%? With the rising costs of college tuition, investing in your child(ren)’s future is more important than ever. We’ve talked about tips for setting up a 529 College Savings Plan, but thought it would be beneficial to deep dive into the Nevada Prepaid Tuition Program powered by the Nevada Treasury. Plus, they are giving away $1,000 every month during open enrollment (now through April 15, 2025) towards a new plan with a grand prize in the last month of their enrollment!
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What is Nevada Prepaid Tuition?
Nevada Prepaid Tuition is a part of NVigate’s many offerings in addition to:
- Nevada College Kick Start
- Nevada’s 529 Plans
- Governor Guinn Millennium Scholarship
- Kenny C. Guinn Memorial Scholarship
- Student Loan Ombudsman
For the Nevada Prepaid Tuition program, there are 5 different plans and 4 different payment options, giving families the flexibility to invest in their child’s future with a plan that works best for them.
Nevada Prepaid Tuition is available for children who are Newborns through 9th graders.
You can pay for tomorrow’s tuition at today’s rates and apply the value of credit hours purchased towards tuition at any school that is eligible to accept Federal Student Aid, which includes both in-state and out-of-state institutions. Plus, you can start with as little as $42 per month!
It is recommended to explore various programs, such as Nevada Prepaid Tuition and 529 College Savings plans, to determine which best fits your family’s needs. You might even consider enrolling in multiple programs to maximize your options.
Plans & Payments Offered
As I mentioned above, there are 5 different plans offered depending on the type of college/university you want to invest towards.
- 4 Year University: 120 University Level Credit Hours
- 2 Year University: 60 University Level Credit Hours
- 1 Year University: 30 University Level Credit Hours
- 2 Year Community College: 60 Community College Level Credit Hours
- 2 Year Community College & 2 Year University: 60 Community College Level + 60 University Level Credit Hours
Depending on the plan you choose, and the age of your child, you can select one of four payment options:
- 5 Year Payment Option
- 10 Year Payment Option
- One-time Lump Sum Payment
- Monthly Payments Until High School Graduation
If you decide on one plan, you have the flexibility of converting your plan in the future to meet your needs, which is a question I had when looking into it. I also like that it can be combined with other offerings like the 529 College Saving Plan and the Millennium Scholarship.
Open Enrollment & Giveaway
Open enrollment is going on from November 1, 2024 through April 15, 2025. If you are a new enrollee, you can be entered to win one of their giveaways for $1,000 or even the grand prize – the value of a two year community college plan!
$1,000 Monthly Giveaway
If you choose to enroll during this time period, new enrollees are automatically entered for a chance to win $1,000 toward their new Nevada Prepaid Tuition account each month. And if you do not win, your “entry” rolls over to the next month until April 15, 2025.
Grand Prize Giveaway
After the open enrollment period, one new enrollee will be awarded with a GRAND PRIZE!
The winner will receive a two-year community college contract valued up to $6,900.
*All prizes will be applied to the winners’ Nevada Prepaid Tuition account.
You can enroll right now by clicking here.
Things To Know Before Enrolling
Here are some things to keep in mind before enrolling, including some common questions I’ve seen or had myself. You can also find FAQs here.
You Can Only Purchase During Open Enrollment
Similar to healthcare, you can only purchase a Nevada Prepaid Tuition contract during open enrollment. The good news is that the enrollment period is much longer than healthcare enrollment!
What Does the Prepayment Actually Cover?
Depending on your contract, Nevada Prepaid Tuition will pay in-state undergraduate basic per Credit Hour cost for course work as established by the Nevada Board of Regents at either two or four-year public colleges and universities located in Nevada.
So, hypothetically if UNLV is paying $300 per credit hour in five years and Harvard is charging $500 per credit hour; the Nevada Prepaid Tuition plan will pay out to Harvard $300 per credit hour, and you would make up the difference per credit hour.
Timeline for Using Your Nevada Prepaid Tuition
I was really curious about the timeline for using Nevada Prepaid Tuition – like what happens if your child doesn’t go to college or wants to go somewhere out-of-state?
You can apply the value of credit hours purchased towards tuition at any school that is eligible to accept Federal Student Aid (both in-state and out-of-state institutions).
The beneficiary will have 6 years post high school graduation to use their benefits, or you may transfer to another family member, meaning the contract may be transferred to a sibling or first cousin.
Lastly, plans can also be cancelled. Contract holders can request a refund minus a $100 cancellation fee.
You Can Receive Other Aid
As I noted above, it was important to me to see if you can use the Nevada Prepaid Tuition with other financial aid and you can! It can be used in combination with other scholarships, financial aid and savings plans.
Are you considering Nevada Prepaid Tuition?
Nevada Prepaid Tuition has been a real game-changer for families for over 25 years, helping them save and pay for their kids’ college education. It’s made a huge difference, distributing over $157 million in tuition benefits and helping nearly 9,500 students pursue their dreams at over 300 colleges and universities across the country!
If you have other questions or want more specifics related to the Nevada Prepaid Tuition Program, they can be contacted at PrepaidTuition@NevadaTreasurer.gov or at (702) 486-2025.