Purchase Options & Pricing
Enrollment is currently closed, check back for future enrollment dates. The following is for informational purposes only.
Virginia529 prePAID now is available in semester increments, making it more affordable to get started with the prePAID program. Pricing structures have changed and more payment options have been added for this enrollment period. Virginia529 prePAID now offers two levels of pricing for contracts – Tier I and Tier II.
Tier I and Tier II benefits may be applied to either four–year or two–year Virginia public colleges and universities at the conversion rates indicated in the chart below and as further described in the Virginia529 prePAID Program Description (pdf).
A Tier I semester will cover one semester of tuition (as defined in the Program Description) at a Virginia public four–year college and that same contract applied at a Virginia public two–year or community college will cover MORE than a semester of tuition. Conversely, a Tier II semester will cover one semester of Tuition at a Virginia public two–year or community college and that same contract applied at a Virginia four–year college will cover LESS than a semester of tuition. As always, prePAID contracts may be used at any eligible educational institution.
Tier I and Tier II contracts may be purchased in multiples and in combinations, subject to certain maximum levels. Consult the Program Description(pdf) and the prePAID calculator (») for more information.
|Tier I – 1 Semester (Newborn - Age4/5)
|Tier I – 1 Semester (K - 4th Grade)
|Tier I – 1 Semester (5th - 9th Grade)
|Tier II – 1 Semester (Newborn - 9th Grade)
Please note: Monthly payment options contain an interest rate component of 8% since the full contract purchase price is not available for immediate investment on your behalf. The amount of interest paid in your monthly payments is not a finance charge. This amount is invested on your behalf and becomes a part of your benefit in future calculations.
Virginia529 prePAID Calculator
Several options are available including one, lump sum payment or monthly payments with the option of a down payment. Use this calculator to explore the various Virginia529 prePAID options and calculate the cost to best fit your needs.
Virginia529 prePAID benefits may be applied towards the cost of tuition and mandatory fees and other qualified higher education expenses at any eligible educational institution, whether a Virginia public college, Virginia private college, or out of state college.
Although full coverage of the normal undergraduate full–time tuition and mandatory fees is provided at Virginia public colleges or universities, payouts to other eligible educational institutions are determined by Virginia529’s enabling statute and summarized below.
- Virginia public college or university
- Full coverage of in-state undergraduate tuition and mandatory fees for the normal full-time course load
- Virginia private college or university *
- Payments + actual rate of return on payments.
- Cap = highest Virginia public institution tuition and mandatory fees
- Out-of-state college or university *
- Payments + reasonable rate of return
- Cap = average Virginia public institution tuition and mandatory fees
*the lesser of
For complete information on Virginia529 prePAID, please read the entire Program Description located in the Program Guide.
Please Note: A Virginia529 prePAID contract used anywhere other than a Virginia public college most likely will not cover full tuition and mandatory fees.
Ownership of a Virginia529 prePAID contract has no bearing on the admissions process at Virginia colleges or those elsewhere. A student must apply to and be accepted by the school he or she wishes to attend.
Restrictions and Exclusions
Certain fees are not included within mandatory fees such as laboratory fees, course–specific or optional fees, room and board, transportation, computers, books or any fees not listed on the school’s invoice. Also, if there are additional charges for a specific course of study, such as nursing or engineering, or for more than a full–time course load, these additional costs are not covered by prePAID.
State legislation provides a statutory guarantee in each year’s state budget to cover prePAID’s contractual obligations in the event of a funding shortfall. This provision can only be changed by the Virginia General Assembly, subject to the Governor’s veto, and the General Assembly’s ability to override a veto.