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Posts Tagged ‘Virginia College Savings Plan’

Beginning December 1, the Virginia Prepaid Education Program (known as VPEP) is offering open enrollment for new participants. The enrollment period, which lasts through March 31, 2010, means that VPEP contracts are available for newborns through 9th-graders, as long as the child or the account owner is a Virginia resident at the time the contract is purchased.

The contracts are priced according to the beneficiaries’ age and the number of contract years purchased. For example, a year of prepaid in-state tuition and mandatory fees for a four-year public college for a newborn will cost $11,878. For high school freshmen, the lump-sum payment for one year is $11,083. VPEP contract benefits may also be used toward tuition and fees at most technical schools and public and private universities worldwide.

This year marks the first time for an increased state income tax deduction that makes Virginia taxpayers who save for higher education in any Virginia 529 program eligible for a tax deduction of up to $4,000 per account each year.

For more information, please visit the Virginia College Savings Plan website.

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 The money grows tax deferred and is tax-free when withdrawn if used to pay qualified higher education expenses.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