Deadline Jan. 31 for college prepayment

The last day to sign up for a payment plan to lock in college rates at Nevada institutions is Jan. 31.

The prepaid tuition option, part of America's college savings plan, allows Nevada's families to pay for the cost of their child's in-state college tuition at today's rates.

"It will never be less expensive than it is today to pay for your child's education," said Treasurer Brian Krolicki, who administers the program. "The Prepaid Tuition option gives parents the opportunity to lock in tomorrow's tuition at today's rates, making it easier than ever to pay for a child's education."

More than 8,500 Nevada families have signed up for the Prepaid Tuition option, and almost $30 million has been invested in a separate trust fund on their behalf.

Bob and Debbie Lombard of Sparks took advantage of the program for their 14-year-old daughter Brooke.

"Like many teens, Brooke's main focus is on her friends, middle school, shopping and her hobbies, however we've been very motivated to save early for college and have her tuition paid for before she enters high school," Bob Lombard said.

"We sleep better at night knowing that the cost of Brooke's college tuition is paid for, it gives us great peace of mind," said Debbie Lombard.

"One of the best features of America's College Savings Plan is the ability to grow the money tax-free," Krolicki said. "And as long as the money is used for educational purposes, the entire amount will be used to provide a better future for your children."

Funds can be applied to out-of-state tuition. And, if students earn a scholarship, do not attend college, or if the Prepaid Tuition contract must simply be canceled, a full refund is granted along with a predetermined rate of interest. The contract can be transferred to a sibling or first cousin.

America's College Savings Plan is managed by Strong Capital Management, Inc. and administered by Nevada's Office of the State Treasurer. Both options are Section 529 college savings plans of the Internal Revenue code and parents can choose either or both options when planning for their child's college expenses. For information, visit the Web site NevadaTreasurer.com.