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Prepay your cost of future college tuition today
The prePAID open enrollment period is December 1, 2014 – March 31, 2015
Virginia529 prePAID is one of the Section 529 qualified tuition programs offered by Virginia529.
Enrolling my child in Virginia529 prePAID is, without question, the best choice I have ever made and I recommend it to anyone.
Debra Virginia Beach
The prePAID program allows families to prepay future tuition and mandatory fees at Virginia public colleges or universities for newborn through ninth graders. Benefits are not limited to public schools in Virginia, but the prePAID payouts are different based on the type of school attended – Virginia public, Virginia private or out–of–state – and may not cover the full cost of tuition and mandatory fees at Virginia private colleges or out–of–state colleges.
Accounts can be opened only during a limited enrollment period each year and either the account owner or beneficiary must be a Virginia resident at the time the account is opened. Virginia529’s other programs are open year round with no state residency or beneficiary age restrictions. Account owners in a Virginia529 savings program may roll their investment into a prePAID contract during open enrollment if other eligibility requirements are met.
Purchase Options & Pricing
Virginia529 prePAID is available in semester increments, making it more affordable to get started with the prePAID program. Virginia529 prePAID also offers two levels of pricing for contracts – Tier I and Tier II.
Tier I and Tier II benefits may be applied to either four–year or two–year Virginia public colleges and universities at the conversion rates indicated in the chart below and as further described in the Virginia529 prePAID Program Description (pdf).
A Tier I semester will cover one semester of tuition (as defined in the Program Description) at a Virginia public four–year college; when applied at a Virginia public two–year or community college will cover MORE than a semester of tuition. Conversely, a Tier II semester will cover one semester of tuition at a Virginia public two–year or community college and that same contract applied at a Virginia four–year college, the contract will cover LESS than a semester of tuition. As always, prePAID contracts may be used at any eligible educational institution.
Tier I and Tier II contracts may be purchased in multiples and in combinations, subject to certain maximum levels. Consult the Program Description (pdf) and the prePAID calculator (») for more information.
2014–2015 Virginia529 prePAID Pricing, Coverage, & Conversion Rates
|Level||Price¹||VA Public Four–Year University / College Coverage²||VA Public Two–Year / Community College Coverage²||Maximum Semesters|
|Tier I – 1 Semester (Newborn – Age 4/5)||$8,100||1 Semester||2.6129 Semesters||10|
|Tier I – 1 Semester (K – 4th Grade)||$7,800|
|Tier I – 1 Semester (5th – 9th Grade) ³||$7,500|
|Tier II – 1 Semester (Newborn – 9th Grade) ³||$3,100||0.3827 Semester||1 Semester||20|
¹ The prices listed in this chart are for a one–time, lump sum payment. For monthly payment options please access the prePAID calculator (») or contact us toll free at 1–888–567–0540. Monthly payment options include an interest rate component of 7 percent since the full contract purchase price is not available for immediate investment on your behalf. The amount of interest included in your monthly payments is not a finance charge. This amount is invested on your behalf and becomes a part of your benefit in future calculations.
²The conversion ratio applies to all prePAID contracts purchased during the 2014–2015 enrollment period only.
³Account must be opened by the end of the prePAID enrollment period during the beneficiary’s 9th grade year.
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Virginia529 prePAID Calculator
Wondering which Virginia529 prePAID contract is right for you? Use this online calculator to explore purchase and payment options.
Virginia529 prePAID benefits may be applied towards the cost of tuition and mandatory fees at any eligible educational institution, whether a Virginia public college, Virginia private college, or out–of–state college.
Although full coverage of the normal undergraduate full–time tuition and mandatory fees is provided at Virginia public colleges or universities, payouts to other eligible educational institutions are determined by Virginia529’s enabling statute and summarized below.
- Virginia public college or university
- Full coverage of in–state undergraduate Tuition as defined below
- Virginia private college or university
- The lesser of: payments + actual rate of return on payments or the highest Virginia public institution Tuition as defined below
- Out–of–state college or university
- The lesser of: payments + reasonable rate of return on payments or the average Virginia public institution Tuition as defined below
- Tuition: For purposes of the prePAID program only, Tuition means the undergraduate in–state semester or term charges for tuition and mandatory fees required and imposed as a condition of enrollment of all students by any two–year or four–year Virginia Public Institution. Please see the prePAID Master Agreement for a complete definition of Tuition.
Restrictions and Exclusions
Certain fees are not included within mandatory fees such as laboratory fees, course–specific or optional fees, room and board, transportation, computers or books. Also, if there are additional charges for a specific course of study, such as nursing or engineering, or for more than a full–time course load, these additional costs are not covered by prePAID.
Ownership of a Virginia529 prePAID contract has no bearing on the admissions process at Virginia colleges or those elsewhere. A student must apply to and be accepted by the school he or she wishes to attend.
Virginia law provides that a sum sufficient appropriation must be included by the Governor in his annual proposed state budget bill to cover Virginia529 prePAID’s contractual obligations in the event of a Virginia529 funding shortfall. This provision can only be changed through the annual appropriations process, which would require action by the Virginia General Assembly.