Nevada Prepaid Tuition Deadline Today - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Nevada Prepaid Tuition Deadline Today

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The deadline to enroll in this year's prepaid tuition plan is today.

Nevada's prepaid college tuition plan started back in 1997, and since then more than 15,000 families have taken part.

The program works kind of like a rent-controlled apartment. If parents buy this year's contract, they lock in the price per credit that students pay now.

"It's like a forever stamp," Nevada State Treasurer Kate Marshall said. "You buy now, and no matter how much college tuition goes up, your child gets to go to college later."

If the past 25 years are any indication, college tuition rates now are the cheapest they will ever be. Marshall said since 1988, average tuition has gone up more than 1,000 percent. That is a scary statistic for many parents, so Marshall is encouraging them to buy into prepaid tuition.

The program is similar to a savings account. Any money that goes in stays there, for the beneficiary to use at a Nevada college or university, or any accredited school of the student's choice.

If the student doesn't end up going to college, parents can transfer the funds to a sibling or cousin, or they can withdraw the money with a $100 penalty.

Marshall said it is the best way to ensure any child a shot at higher education without loads of debt.

"If your child goes to college," Marshall said, "they will make likely a million dollars more over the course of their life than they would have made if they just had that high school education."

For more information on the prepaid tuition program, click here.

Written by Arianna Bennett
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