Virginia 529 Plan Extended - WSET.com - ABC13

Virginia 529 Plan Extended

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Roanoke, VA - As April 15's tax deadline approaches, it's also a busy time for tax-related services like Virginia 529.

The deadline has recently been extended the prepaid program through midnight Sunday because of so much interest.

For the second straight year, the top executive at Virginia529 saw enough reason to extend the four month window typically open for you to enroll in their prepaid tuition program.

"We do want to put a deadline on there to get people to react to it otherwise, as we mentioned before, that's something that somebody would continue to put off and wait for," said Scott Ridgely.

At stake for those considering the pricey investment, a tax break of the same amount that can be used at $4,000 annually until it's gone.

The other big selling point is the ability to pay tuition, anytime beyond tomorrow, at today's prices.

"Whether the costs skyrocket 100%, 200%... even 20%; we don't really know what's going to happen ten years down the road," said Ridgely.

As an example, Virginia 529 points to the fact that the students that got involved with the program at its inception paid about $15,000 per year. The same students in college today have $60,000 in buying power.

Ridgely says that is one of the detractors: it can be quite cost prohibitive.

But they point to the savings from future tuition and the fact the money is backed.

It will always come back to the investor regardless of the educational path a student chooses.

"That's ok... you're not losing much you just won't get that full guarantee," Ridgely said.

The fees can be considered pricey so to make it easier, as of last year, you can buy as little as a semester's worth.

Keep in mind, Virginia529 prepaid covers only tuition and mandatory fees.

Enrollment ends midnight Sunday.

For more information, click here.

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