The Virginia College Savings Plan recently announced that it is extending the deadline for enrolling in prepaid college-tuition plans by two weeks. It will now accept applications for contracts under the Virginia Prepaid Education Plan (VPEP) through March 15, 2009.
VPEP is one of the Section 529 qualified tuition programs offered by the Virginia College Savings Plan that lets Virginia families lock in the cost of tomorrow’s college tuition and mandatory fees. Contract payments cover future in-state undergraduate tuition and mandatory fees for the normal full-time course load at Virginia public colleges and universities.
A 529 College Savings Plan allows families to put aside money for future higher education expenses. The money grows tax deferred and is tax-free when withdrawn if used to pay qualified higher education expenses. Virginia offers four 529 College Savings Plans:
- Virginia Prepaid Education Program (VPEP)
- Virginia Education Savings Trust (VEST)
- CollegeAmerica (available through financial advisers)
- CollegeWealth (opening soon)
For more information about prepaid education programs, visit the Virginia College Savings Plan web site at http://www.virginia529.com/index.asp.