Prepaid tuition program reportedly thriving

Program's funded status is highest in the nation

CARSON CITY - State Treasurer Kate Marshall, chair of the Nevada College Savings Board (CSB) Board of Trustees, announced that the Nevada Prepaid Tuition Trust Fund (NPTF) assets generated a positive return of 13.92 percent for the fiscal year ended June 30, helping to drive the funded status of the program to a record high level of 126.2 percent. This is the highest funded ratio in the program's 15-year history and the highest of the 12 state-operated prepaid tuition plans in the nation. The funded ratio of 126.2% was calculated by the nationally recognized actuarial firm of Gabriel, Roeder and Smith, and is included in the Fiscal Year 2014 actuarial report for the Nevada Prepaid Tuition Program, which was presented to the College Savings Board yesterday.

"Nevadans can rest easy knowing the hard earned dollars they have invested and saved for their children's future college education through the Nevada Prepaid Tuition program funds are being extremely well managed," said Marshall. "The program is solid, as demonstrated by the dramatic increase in the funded status and a record breaking enrollment year, with 1,270 contracts sold in 2014." Marshall noted that when she first came into office, the number of contracts sold were in the hundreds every year. An important reason for the increased popularity of the plan is that the College Savings Board has worked to keep the prices affordable for Nevada families, offering payment options as low as $38/month.

Since the inception of the Nevada Prepaid College Tuition program in 1998, 17,349 Nevada children have enrolled in the Nevada Prepaid Tuition program saving their families hundreds of thousands of dollars. From newborns to ninth graders, parents have a variety of choices when purchasing college tuition at today's rates for use when their child is ready to go to college. Payments can be made via lump sum, or spread out over 5 years with 60 equal payments, or monthly until their child is ready to go to college. For more information on the Nevada Prepaid Tuition Program, go to www.nvprepaid.gov or call (702) 486-2025 or toll free, 1-888-477-2667.[[In-content Ad]]