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Paying for college is becoming more and more challenging. The cost of college has increased almost twice as fast as the inflation rate in recent years. College savings plans are now available that not only allow families to begin saving early for a child's education but also provide excellent tax advantages.
Please check with a financial advisor to determine which of the many savings programs is right for your family.
The Virginia College Savings Plan; (888) 567-0540
The Virginia College Savings Plan offers three Section 529 investment options-VEST, VPEP, and CollegeAmerica (see below).
Earnings grow tax free. You can use your savings at colleges throughout the country.
- Virginia Education Savings Trust (VEST)
The Virginia Education Savings Trust offers a selection of 11 investment funds. Students of all ages can participate wherever they live. You can use VEST to pay for all major college expenses. These include tuition, fees, room and board, textbooks, required computers, and supplies.
- Virginia Prepaid Education Program (VPEP)
The Virginia Prepaid Education Program locks in future college costs for today's students in the ninth grade or younger. VPEP covers full tuition & mandatory fees at Virginia public colleges. Benefits can also be used at Virginia private colleges, as well as colleges and universities throughout the country. Your VPEP investment comes with a guaranteed rate of return for other types of colleges nationwide.
- CollegeAmerica
College America is the state's partnership with AmericanFunds, one of the oldest and largest mutual fund companies in the country. With College America, you can save for all major college expenses. Ask your financial advisor for more information.
- Coverdell Education Savings Account
Click here for an IRS article.
- Independent 529 Plan (for participating private colleges)
Independent 529 Plan allows you to prepay tuition today that your child can later use at any member college.
It provides a guarantee against tuition inflation and the flexibility to choose from some of the nations' top colleges.
Independent 529 Plan has no start-up fees, no maintenance fees, and no annual fees—and is free from federal taxes.*
*You will not need to pay federal taxes when making a qualified withdrawal.
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