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Despite the recent economic roller coaster, many experts argue that investing in a 529 plan is still a good long-term strategy for college savings.

Independent investment research firm Morningstar Inc.’s sixth annual survey of the best and worst 529 college-savings plans provides great news for Virginians. Specifically, Morningstar named both the Virginia Education Savings Trust (Virginia College Savings Plan Board) and the Virginia CollegeAmerica 529 Savings Plan (American Funds) to its list of the Top 5 Best 529 Plans.

Morningstar’s report does urge caution though, saying that investors must not only be mindful when selecting a 529 plan, but that they need to keep track of its performance, fees, and investment options.

For more information, visit The Roanoke Times.

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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 The money grows tax deferred and is tax-free when withdrawn if used to pay qualified higher education expenses.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.

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It’s never too early or too late to start saving for college. So mark your calendars to find out more about the Virginia College Savings Plan (VCSP). A VCSP representative will be at the Twin Hickory Area Library in Glen Allen to discuss four different 529 plans to help you start preparing financially for college.
 
Two informational sessions will be offered: Thursday, October 23rd and Thursday, November 13th. Both begin at 7:00 p.m.

 

For more information call 364-1400 ext. 5.

 

TWIN HICKORY AREA LIBRARY
5001 TWIN HICKORY ROAD
GLEN ALLEN VA 23059

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