Posted by Terry Alexander - email
RICHMOND, VA (WWBT) - If your child or grandchild is an infant up to the 9th grade you can lock in the cost of college now, through the Virginia College Savings Plan. The window to enroll was scheduled to end on Friday but now the deadline has been extended until March 15th.
If your child is in the 8th grade by the time he or she begins high school, it's likely that most Virginia colleges will raise tuition anywhere from between five and ten percent.
The state's fiscal crisis compounded by sky-rocketing costs, have forced universities everywhere to tighten their belts. Tuition has no where to go but up. The Virginia College Savings plan lets you lock in at today's rate.
"The projections are that tuition will continue to increase and this is away to hedge against that and save for higher education and plan for it, be ready for the future," said Virgina Collage Savings Plan Director Mary Morris.
In May of 2008, VCU's board of visitors approved a 9.4 percent tuition increase for in-state undergraduates, and a 5.3 percent hike for out-of-staters.
Typical full-time, in-state undergraduate students paid $6,779 a year for tuition and fees, not counting room & board.
Because the economy is so tight right now, and people are closely examining their own household budgets, the extension of the College Savings Plan just makes good business sense.
"We decided to extend that enrollment this year until March 15 to provide just a little bit more opportunity for families to take advantage and go online," said Morris.
You can pay a little bit a month or the entire four years of tuition at once. There are many options.
For more information, call the Virginia College Savings Plan toll free at 1-888-567-0540 or look online at http://www.virginia529.com/.