Private College 529 Plan Urges Americans to Lock In 2012 Tuition Rates Before New Rates Take Effect on July 1

ST. LOUIS, June 4, 2012 /PRNewswire/ -- Private College 529 Plan(SM), a prepaid plan sponsored by more than 270 leading private colleges and universities, reminds college savers to lock in tuition today before rates change on July 1.

According to the College Board, the average annual price for a private college in 2011 was $36,000. With tuition inflation rate averaging five percent, a private college education for today's toddlers could more than double to $75,000.  

Many families want the benefits of a private education for their children but are concerned about the rising cost of tuition -- Private College 529 Plan takes the risk of rising tuition out of the equation. Structured as a prepaid plan, Private College 529 Plan is the only guaranteed way to lock in today's tuition rates that may be redeemed at any participating school for up to 30 years.

"The biggest mistake parents and college savers can make is procrastinating. If you plan to save for college, start as soon as possible and consider looking into the benefits of a 529 plan versus a simple savings account.  Private College 529 Plan allows you to prepay for tuition, locking in today's rates for use in the future at more than 270 private colleges and universities nationwide," said Nancy Farmer, president of Tuition Plan Consortium. "But don't wait, tuition rates change July 1st, time is running out to save for college at 2012 rates."

As Americans' student loan debt has surpassed the $1 trillion mark, according to Officials at the Consumer Financial Protection Bureau, and is now even greater than the nation's credit card debt, Private College 529 Plan offers families a guaranteed solution in planning and saving for private college. By enrolling today in Private College 529 Plan, a family could save thousands of dollars on the cost of a private college education and avoid the looming burden of future student loan debt.

About Private College 529 Plan(SM)

Owned and operated by more than 270 leading private colleges and universities, Private College 529 Plan was created by authorization of the U.S. Congress for colleges and their consortia to help families save for college and increase the affordability and accessibility of higher education. Private College 529 Plan enables families to invest in their children's future by prepaying tuition at member institutions, protecting their savings from annual tuition inflation. 

The educational mix of private institutions participating in Private College 529 Plan provides families with a wide range of college choices. As opposed to other state specific congressionally authorized plans, Private College 529 Plan has a national scope, with participating private colleges across the United States. It also differs in that its administrative management is by the institutions themselves as opposed to government. Today, Private College 529 Plan is working for nearly 6,000 families with more than $200 million under management. For more information, visit https://www.privatecollege529.com/.

SOURCE Private College 529 Plan