September has been College Savings Month, and as we near the end of the month, the Nevada Treasurer’s office is about to wind up a contest – get a college fund seeded with $529.
Twenty 529 plan college funds will be set up and awarded to people who enter the contest by Wednesday at midnight.
There is no cost to enter.
Grant Hewitt, chief of staff for the Nevada Treasurer's Office, told KNPR's State of Nevada that the idea is to get parents and kids thinking and talking about college.
"We want them to take the activity, make it apart of their daily activity, to save for college," Hewitt said. "And realize that their children are seven-times more likely to attend college if they know a college savings plan has been set up for them."
Later in the year, the Treasurer's Office will hold a contest for a Prepaid Tuition plan - for which people can win an entire year's tuition.
According to Hewitt, these plans are safe, untaxed interest bearing plans that guarantee money for colleges anywhere in the country.
"You're paying today's prices for tomorrow's tuition," he explained. "So, no matter what the increase in tuition is, between when you buy into your pre-paid tuition plan and when your child goes to school, you're paying today's price."
Hewitt explained that the pre-paid tuition price is for college in Nevada, so if your child chooses to go out of state, you'll have to make up the difference, if it is higher than in-state tuition.
On the other hand, the 529 college saving plan is money that can be used at any institution, including trade schools, where the federal student financial aid, or FAFSA, is accepted.
To learn about Nevada College Savings Plans, go to NV529.org. Click here to sign up directly for the 529 contest. The entry deadline is Wednesday at midnight.
Grant Hewitt, Chief of Staff at the Nevada Treasurer's Office.
