Beginner’s guide to college savings in Nevada

The cost of a college education continues to rise every year. But without a degree in higher education, your children will most likely relegate themselves to the lower rungs of the socio-economic ladder for life. At the Treasurer’s Office, we offer two types of college savings plan programs to help parents and grandparents in Nevada to begin saving for their loved one’s education. It’s never too late or too early to start.

Nevada 529 College Saving Plan

We sponsor four different 529 plans which have different minimum requirements and fee structures. A 529 can be used for tuition, fees, books, housing and technology. Our most widely known plan is the SSGA Upromise 529. The SSGA Upromise 529 can be opened with as little as $15, while offering the same quality investments as our other plans. And you can use automatic payment or payroll deduction! Our other plan partners are USAA, Vanguard and Putnum. You can learn about all of our plans at NV529.org. You may even discover you qualify for our Silver State Matching Grant! For households who make less than $75,000 per year, you might be eligible to receive up to $300 per year for up to 5 years — that’s a total of $1,500 for FREE!

Prepaid Tuition Program

Prepaid Tuition locks in “tomorrow’s in-state tuition at today’s prices.” Families can choose from various payment plans from as little as $38/month for 2 years of in-state community college and $91/month for 2 years of in-state university tuition. Though this program is for tuition only, sometimes families choose to open both a prepaid tuition plan as well as a 529 plan, to have a plan for all related costs. Should you need to get your money back (or cash-out your account) for any reason plan holders are entitled to receive the amount they have paid in, less a $100 administration fee. The contract is also transferrable to another family member.

Don’t worry if your child wants to go to college somewhere other than Nevada. The prepaid tuition plan can be used at any eligible institution nationwide, and the Nevada State Treasurer’s Office pays up to the amount of what Nevada’s tuition rates are at the time your child begins enrollment at any eligible college.

Some parents tend to procrastinate opening a college savings account. The truth is there’s never a good time to ‘start’ saving because things always come up. There will be day care, dance or music lessons, prom, and much more. By setting aside just $1 per day, you can open an account. Every dollar saved is a $1 less of debt down the road.

Please visit our website at www.nevadatreasurer.gov or call our office at 702-486-6980 or 888-477-2667 to learn how to take the first step to ease the burden of a college education.

Dan Schwartz is the Nevada State Treasurer.