RICHMOND, Va., Dec. 6, 2016 /PRNewswire/ -- Tuition is typically the most expensive component of higher education. For 2016-2017, tuition and mandatory fees at a Virginia public university can cost as much as $21,234. Families can eliminate the uncertainty of future increases at those institutions by enrolling a child in Virginia529 prePAID (prePAID), available for a limited time through March 31, 2017.
The start of the enrollment period is timed to coincide with the holiday season and the impending deadline for a 2016 Virginia individual income tax deduction. The deadline to open and contribute to a new Virginia529 account or contribute to your existing account for a 2016 tax deduction is December 31, 2016.
In studies, many parents say they welcome help saving for a child's education but are hesitant to ask. Grandparents, aunts and uncles can chip in to give the gift of education – and share the cost – by starting or contributing to a Virginia529 account, including prePAID. Gifts to a Virginia529 account benefit the account owner as well as the beneficiary, in the form of the Virginia income tax deduction enjoyed by account owners.
A prePAID calculator available at Virginia529.com illustrates the full array of price and payment options for a 2016-2017 contract. Families can try out various scenarios before deciding what works best for their goals and budget. The first payment is not due until May 1, 2017; however, payments made in 2016 will qualify for the 2016 tax deduction.
Visit Virginia529.com to enroll, learn more about the tax deduction and review the prePAID Program Description & Master Agreement.
About Virginia529 College Savings Plan:
Virginia529 makes higher education more accessible and affordable for families and individuals. With more than $57 billion in assets under management and 2.5 million accounts as of October 31, 2016, Virginia529 is the largest 529 plan available. Four flexible, affordable, tax-advantaged programs–Virginia529 prePAIDSM (prePAIDSM), Virginia529 inVESTSM (inVESTSM), CollegeAmerica® and CollegeWealth®–and early commitment scholarship program SOAR Virginia® assist students of any age in reaching their higher education goals. For more information on Virginia529's college savings options, visit Virginia529.com or call 1-888-567-0540 to obtain program materials. These include information on Virginia529 programs, investment objectives, risks, charges, expenses and other important information; read and consider them carefully before investing. All investments are subject to risk, including the possible loss of the money you invest. Virginia529 encourages prospective participants to seek the advice of a professional concerning any financial, tax or legal implications related to opening an account. For residents of states other than Virginia: your state or the beneficiary's state of residence (if different) may sponsor a 529 plan that offers state income tax and other benefits not available to you through Virginia529 College Savings Plan. ©2016 Virginia College Savings Plan. All Rights Reserved.
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SOURCE Virginia529 College Savings Plan