A. A Section 529 college savings plan is a tax-advantaged state-administered investment program that is authorized under Internal Revenue Code Section 529. These plans allow investors to save money in an account in which the earnings will grow free from federal income tax and, when used to pay for “qualified higher education expenses”, may be withdrawn federal income tax-free. In many states, a participant can receive special state incentives, including state tax treatment that mirrors the federal tax treatment, tax deductions/credits and/or other state tax benefits, based on participation in their state’s program(s).

A. When it comes to financial aid, ANY assets that you or the beneficiary own (not just 529 plan assets) can affect your eligibility for need-based financial aid. With 529 plans, your account is considered to be an asset of the account owner. Assuming the account owner is the parent, this means that, on average, about 5.6 percent of the value of the account is considered in determining the Expected Family Contributions (EFC). The EFC is the amount the family of the beneficiary is expected to pay toward that beneficiary’s higher education. With many other savings vehicles, such as a custodial accounts or assets that are in the name of the student, 20 percent of the value of the assets is considered in determining the EFC. 

Remember, the majority of need-based financial aid is in the form of student loans, so whatever savings you accumulate for college expenses may help reduce the parent’s or student’s future debt load. 

A. Many states contract with an investment manager to work with the state to develop investment portfolios and options that will help investors meet their college savings needs. Federal law prohibits the investor from having direct control over the selection of specific investments; therefore the state and the investment manager typically offer multiple savings options for the investor to choose from when they open an account. The account owner may change investment options subject to certain federal tax law limitations.

A. The most common investment option is the age-based allocation strategy in which the age of the beneficiary determines the specific mix of investments. As the child ages, the investment mix is automatically reallocated and becomes more conservative as the beneficiary approaches college. There are many other options available, including 100% equity funds, fixed income funds, stable value funds, as well as a variety of equity and fixed income options within many plans. Some states offer guaranteed or principal protected options, as well as FDIC insured bank options.

A. You may transfer all or any portion of the funds already invested in a particular investment option to another investment option twice per calendar year or upon a change of the beneficiary of your Savings Trust Account to a family member of the beneficiary. However, each time a new contribution is made to an account, the investor can select a different investment option for the new contribution into the plan.

A. Generally, anyone can be named the beneficiary of a 529 account regardless of their relationship to the person who establishes the account. You can even establish an account with yourself as the named beneficiary. The only requirement is that the beneficiary must be a US citizen or a resident alien, and must have a social security number or federal tax identification number. Be aware that maximum contribution per beneficiary varies between different 529 plans.

A. Yes. Since only one account owner can be named per account, family members may choose to open their own account for the same beneficiary. Be aware that a 529 plan’s impact on financial aid calculations can vary depending on the relationship of the account owner to the student beneficiary.

A. A 529 account can be opened by anyone. Grandparents, other relatives or family friends can all be account owners, or simply choose to contribute to an existing account. In most states, a trust, corporation, non-profit or government entity can also open an account.

A. Generally, anyone can make a contribution to an account for any beneficiary. However, you should contact the 529 plan of your choice to determine any restrictions that may apply. You may find that you will only be eligible for specific state tax incentives by being recognized as the account owner.

A. Yes. The account owner can choose to move funds from one state’s 529 plan to another states’ plan one time within a 12-month period for the same beneficiary.

A. An individual may contribute up to $14,000 annually ($28,000 for married couples filing jointly) without paying gift taxes or filing a gift tax return (assuming no other gifts are made to the beneficiary in the same year). You also may accelerate up to five years’ worth of the annual exclusion amount and reduce the value of your estate by contributing up to $70,000 ($140,000 for married couples filing jointly) per beneficiary (this amount is subject to “add-back” in the event of the participant’s death within five years and also assumes no other gifts are made to the same beneficiary during the same period).

A. Earnings in a 529 plan grow tax-deferred and are free of federal income tax when used for qualified higher education expenses under Internal Revenue Code Section 529 (26 U.S.C. 529). Qualified higher education expenses include tuition, mandatory fees, books, supplies, and equipment required for enrollment or attendance. Room and board expenses are also eligible for students enrolled half-time or more based on the current allowance for room and board determined by the eligible educational institution for federal financial aid purposes, or actual invoice amount charged by the institution to the beneficiary, if greater. In addition, qualified higher education expenses also include expenses of a special needs beneficiary that are necessary in connection with his or her enrollment or attendance at an eligible educational institution. 

Earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. Additionally, most states allow tax-deferred earnings and tax-free withdrawals for qualified higher education expenses, and some states allow families to deduct the full or a partial amount of their contribution from their state income taxes. 

A. No. Your child will still be required to meet entry requirements as determined by individual colleges or universities.

A. You have several options available if the beneficiary decides not to go to college: 

• Change the beneficiary to a member of the beneficiary’s family. 
• Defer the use of your savings and leave contributions invested in the account. 
• Withdraw the assets in your account for a “non-qualified” distribution (a distribution not used for qualified higher education expenses). Earnings (but not contribution amounts) would be subject to state and federal tax plus a 10% federal tax penalty on the earnings. Some plans may charge additional fees or penalties on non-qualified distributions. 

A. There is no application process for students that attend a traditional public, private or charter school in Nevada. If you are eligible upon high school graduation, your school or school district will submit your name to our office.  

For students that are home schooled or attend a high school out-of-state while residing in Nevada, there is an application process. These applications can be found under forms and documents and must be submitted with all corresponding documentation to be processed.  

A. Our office works on notifying students about their scholarship eligibility during the months of July and August.  

Once receiving student data from schools and school districts across the state, our office will mail students an award packet with more information about the scholarship. It is important that students ensure that their contact information at their high school is current before graduation. 

A. To receiving funding, students must first acknowledge their award on our website. 

Next, students must enroll in a degree program leading to a recognized associate degree, baccalaureate degree, or pre-baccalaureate certificate at an eligible institution. In addition, students must enroll in the minimum amount of credits required; 12 credits at a university or state college; 9 credits at a community college. 

Once these steps have been completed, the Millennium Scholarship is applied directly into the student’s account by the institution. Scholarship funds are typically disbursed about a week before classes begin, depending on the institution’s payment schedule.  

Contact the financial aid office at your institution to find out the disbursement date. 

A. No. After completing the Acknowledgement of Award process, students automatically receive funding each semester if they maintain eligibility by meeting the following requirements: 

• Maintain a 2.75 GPA for each semester  
• Make satisfactory academic progress, as defined by the home institution, toward a recognized associate degree, baccalaureate degree, or pre-baccalaureate certificate. 
• Complete a minimum of 12 credits at a university or state college or a minimum of 9 credits at a community college. 

A. A student’s initial bill may not reflect funding from the Governor Guinn Millennium Scholarship (GGMS). GGMS benefits are typically paid one week before classes, depending on your institution’s payment schedule. However, disbursement of the scholarship may take longer if a student does not enroll in a degree program, the minimum credits required or adds/drops classes right before the semester begins. In this case, if the student has a pending balance, the student must enroll in a payment plan to avoid any late fees while the scholarship is processed. 

A. The Governor Guinn Millennium Scholarship (GGMS) is disbursed on a per-credit basis.  

GGMS pays $40 per credit at a community college (College of Southern Nevada, Truckee Meadows Community College, Great Basin College, Western Nevada College);  $60 per credit at Nevada State College or upper level courses at a community college; $80 per credit at all other eligible institutions (University of Nevada, Las Vegas, University of Nevada, Reno, Roseman University, Sierra Nevada College).  

GGMS will pay for up to 15 credits per semester and does not pay for remedial or graduate courses.  

A. The scholarship portion will be reimbursed.  If you have not received reimbursement within 2 weeks after the end of the ‘add/drop’ period, contact the financial aid office at your institution to initiate the refund process. 

A. Visit our website to search for your Millennium Scholarship ID (MSID) number. To find your MSID number, visit our website at NVGGMS.gov, click on “What’s my MSID?” and follow the instructions. Next, you will need to complete the Acknowledge of Award process which can also be found on our website. 

If you are unable to find your MSID number online, please call our office at (702) 486-3383 or toll free at (888) 477-2667. 

A. Tuition for summer must be paid upfront by all students. Your portion of the registration fees should be refunded by your institution’s financial aid office by October as long as the classes begin after you graduated high school and you continue your education at an eligible institution in the fall.  

A. No, the Governor Guinn Millennium Scholarship (GGMS) is a merit-based scholarship that pays up to $10,000 award on a per-credit basis, up to 15 credits each semester.  

The GGMS pays $40 per credit at a community college (College of Southern Nevada, Truckee Meadows Community College, Great Basin College, Western Nevada College);  $60 per credit at Nevada State College or upper level courses at a community college; $80 per credit at all other eligible institutions (University of Nevada, Las Vegas, University of Nevada, Reno, Roseman University, Sierra Nevada College).  

GGMS does not pay for remedial or graduate courses. 

Students are responsible for paying any balance on their account that is not covered by the scholarship or any other financial aid.  

A. The institution’s financial aid office pays GGMS funds by the add/drop date. GGMS funds are paid according to the classes you had before the drop date. If a course(s) is not dropped prior to the 100% refund date at your institution, GGMS funds will be applied to your account for the registered classes. Remember, you must complete the required number of credits and maintain the proper GPA at the end of each semester to maintain eligibility.

A. Visit the documents and forms link on our website, complete the Change of Name or Change of Address form, and submit it to our office via fax or mail. Do not forget to change your name or address at your institution. 

A. No, but we recommend students acknowledge the award as soon as they receive their award packet.  

Students can use the scholarship up until the scholarship expiration date. Students have up to six years after their high school graduation year to use the scholarship. There are exemptions to the six-year limitation for members of the military and students actively serving or participating in a charitable, religious, or public service assignment or mission. In addition, there are exemptions for students with a documented, temporary or permanent disability.   

A. No, students can use the scholarship up until the scholarship expiration date if they maintain eligibility.  

Students have six years after their high school graduation year to use the scholarship. There are exemptions to the six-year limitation for members of the military and students actively serving or participating in a charitable, religious, or public service assignment or mission. In addition, there are exemptions for students with a documented, temporary, or permanent disability.   

A. There are no forms or applications that need to be submitted to reinstate your scholarship. If all requirements have been met, the reinstatement process is applied automatically.  

A. No. However, all students who are eligible to receive the scholarship are required to complete a citizenship affidavit. The affidavit will appear during the acknowledgment of award process, which students are required to complete to receive the scholarship.   

It is up to the applicant to determine if they can honestly affirm the requirement outline in the affidavit, specifically that the student is a citizen of the United States or has lawful immigration status, or that the student has filed an application to legalize the student’s immigration status or will file an application to legalize the student’s immigration status as soon as the student is eligible to do so

A. The Nevada College Kick Start program establishes a college savings scholarship of $50 for all public-school kindergarten students in Nevada. The program is administered by the Nevada State Treasurer’s office and the Board of Trustees of the College Savings Plans of Nevada.  

A. The Nevada College Kick Start program is funded through grants, private sponsorships, and program management fees. No taxpayer dollars are spent to fund Nevada College Kick Start Program accounts.  

A. The Nevada College Kick Start scholarship is created automatically through information provided from your child’s kindergarten school. The scholarship will expire, and any remaining funds will be returned to the Program if any portion of the money credited to the account has not been distributed by August 1 of the year, that is 6 years after the year in which the designated beneficiary was regularly scheduled to graduate from high school.

A. As of November 2022, there were more than 344,000 students enrolled in the Nevada College Kick Start Program.  

A. No, it’s free. There are no fees, charges, or hidden costs.

A. The Nevada College Kick Start scholarship account established for your child is invested in the SSGA Upromise 529 Plan. This account has the opportunity to earn interest and grow over the 13-year period before your child graduates from high school. Nevada College Kick Start accounts will expire if any portion of the money credited to the account has not been distributed by August 1 of the year, that is 6 years after the year in which the designated beneficiary was regularly scheduled to graduate from high school. To learn the current balance of your child’s account, please go to https://collegekickstart.nv.gov/ and click on “Access Your Child’s Kick Start Account Online”.   

A. Families who begin a discussion and plan for college expenses while their child is in kindergarten will have a thirteen-year window in which to plan and save for future higher education costs.  Further, the establishment of a specific college savings scholarship account helps plant a seed that your child is going to college.

A. Research conducted by the Center for Social Development at Washington University in St. Louis outlined in, “The Role of Savings and Wealth in Reducing ‘Wilt’ Between Expectations and College Attendance,” found that children with a college savings account are up to seven times more likely to attend college than those without an account .Similarly, a study conducted by the University of Kansas’ School of Social Welfare found that college savings send a strong message to children: “You are a college saver.  You are college-bound.” The study also concluded that “Even small accounts, in many cases inadequate to even buy books for a semester, increase perseverance and improve academic preparation.” 

A. Nevada College Kick Start accounts are held within the SSGA Upromise 529 Plan managed by Ascensus College Savings, the program manager for many of the college savings 529 plans offered by the state.  

A. Once you have register your child’s account on our portal (www.vistashare.com/p/nv/kickstart), you can sign on at any time to check the balance of the account.  

A. Simply complete the “Opt-Out” Form available at https://nvigate.gov/programs/nevada-college-kick-start/.

A. Nevada College Kick Start scholarship funds may only be paid to a US Department of Education eligible institution of higher learning (college, trade school, technical school) on behalf of the student to cover qualified education expenses when that student is enrolled and attending that institution.

A. When your child is ready to use the money for higher education, he or she will need to contact the Treasurer’s Office at 1-888-477-2667 to request a distribution. The Treasurer’s Office will verify the student’s information and arrange for the funds to be sent to the institution on the student’s behalf.  

A. That’s great! Be sure to link your SSGA or Vanguard 529 account to their Nevada College Kick Start scholarship account via our portal at www.vistashare.com/p/nv/kickstart, so your child may be eligible for any future funding.  

A. Cost of tuition, fees, books, supplies, certain room and board expenses, or any other Internal Revenue Service qualified higher education related expenses.  Savings in a 529 college savings account grow tax-deferred and if used for qualified higher education related expenses at eligible institutions are free from federal taxes. 

A. If a traditional four-year college isn’t right for your child, you can use the funds to pay for other kinds of post-secondary education, like technical and vocational training. If your child decides not to pursue post-secondary education, the funds in the Nevada College Kick Start account will be returned to the Program. Any funds you’ve contributed into your separate 529 College Savings account are available to be transferred to another child in your family or refunded to you. Remember, though, that any earnings on the funds you contributed that are not used for qualified education expenses at an eligible school may be subject to income tax and a 10% penalty. 

A. The Nevada College Kick Start account is considered a scholarship account and as such it should not count against your family in the calculation of financial aid. Of course, college enrollment for your kindergartner is many years off and new regulations on calculating financial aid may be different. Be sure to contact your own tax and financial professional when the time comes for a distribution. 

A. Visit our Nevada College Kick Start Program website at http://collegekickstart.nv.gov 

A. It is easy to open a separate 529 College Savings Plan for your personal contributions by visiting the Nevada State Treasurer’s website http://www.nevadatreasurer.gov/CollegeSavings/CSP_Home/ Some 529 College Savings Plans allow you to open an account with as little as $15 and then make contributions as you wish to that account going forward. You can do this for any student, not just kindergartners.  

A. Nevada Prepaid Tuition is Nevada’s 529 prepaid tuition program, which allows Purchasers to select and purchase a Contract for a specific number of either community college or university level higher education undergraduate in-state Credit Hours at a locked-in Contract price and to pay for that Contract in a lump sum or over an extended period of time.

A. You can enroll online at www.NVPrepaid.gov or an enrollment form can be downloaded from the website and mailed into the State Treasurer’s Office.

A. Open Enrollment dates are set annually. For the 2022 enrollment period, Contracts may be purchased between November 1, 2021, and April 15, 2022.

A. No. Only one Purchaser is allowed to own a Contract. However, other individuals may make gifts and payments toward the Contract. The Purchaser may also appoint a legal successor for the Contract in the event of their death or disability.

A. A Contract will pay the in-state undergraduate basic per Credit Hour cost for course work as established by the Nevada Board of Regents at either two or four-year public colleges and universities located in Nevada, (or as otherwise commonly referred to as “basic in-state tuition”) at the credit level you select on the Contract (university or community college).

A. No. A Beneficiary must meet the admissions requirements of the college of his/her choice and maintain the required academic status. The Program does not guarantee acceptance to, or Nevada residency at any college or university.

A. The Contract is still valid. As long as you continue to make payments, your Beneficiary will be able to use all Contract benefits they are entitled to.

A. You may be able to convert the Contract to a lower cost Contract, increase the years you pay on the Contract to lower the monthly payment, or close the Contract and request a refund. Contact the Prepaid Tuition Office to discuss the specific hardship and associated options.

A. Assets in the Prepaid Tuition Trust Fund are used to pay for the future costs of Credit Hours purchased under each Contract. The Board, through the State Treasurer’s Office, is responsible for investing the money paid on Contracts in the Truth Fund. The Board does this with the assistance of a professional Investment Manager(s)/Consultant(s). For more information on the Trust Fund, please see the most recent Annual Report, which includes the Actuarial Report and the Annual Audit for the fiscal year ended June 30, 2020. The Report can be viewed at www.NVPrepaid.gov.

A. Yes. Contract benefits may be used at any Eligible Educational Institution nationwide. See www.fafsa.ed.gov to verify if a school is eligible. However, the cost of In-State Credit Hour rates the Program will pay to any private or out-of-state college or university will not exceed what the Program would have paid to either a two or four-year in-state public college or university in Nevada corresponding to the Contract purchased. The cost of in-state Credit Hour benefits paid may be less than the actual cost of Credit Hours at an out-of-state or private college or university. The Purchaser or Beneficiary will be responsible for payment of any difference between the actual cost of their tuition and the Nevada in-state tuition benefits paid under the Nevada Prepaid Tuition Program Contract.

A.You may transfer the Contract to another qualified Beneficiary who is a Family Member, defer use of the Contract in effect, as the Beneficiary has 6 years post high school graduation to use their benefits, or you may cancel your Contract and request a refund.

A. Yes. The Program may be used in conjunction with a partial scholarship, including the Governor Guinn Millennium Scholarship. If the scholarship equals or exceeds the Contract benefits, the Purchaser may transfer the Contract to another qualified Beneficiary who is a Family Member, cancel the Contract and request a refund, or defer initial usage to ensure the scholarship covers the beneficiary’s entire attendance. A Beneficiary has 6 years to use his/her Contract benefits.

A. The State of Nevada offers many plans and options for saving for college.  To learn more about a particular 529 plan and to open an account, please visit http://www.nevadatreasurer.gov/CollegeSavings/CSP_Home/

A. It is never too late to save for higher education. You may open an account for an individual of any age, and the account may be used immediately. Note that some prepaid tuition plans may need a longer timeline to see a significant return on investment, so be sure to check with plan administrators.

A. Each 529 plan can provide the forms necessary for changing the beneficiary on an account. Contact your 529 plan to determine the specific requirements and forms necessary to complete this procedure. Depending on the relationship of the new and old beneficiaries, changing the beneficiary of an account may trigger a taxable event, which could also include a penalty, gift tax or both.

A. A qualifying family member includes: 

• Natural or legally adopted children 
• Parents or ancestors of parents 

• Siblings or stepsiblings 
• Stepchildren 
• Stepparents 
• First cousins 
• Nieces or nephews 

• Aunts or uncles 

In addition, the spouse of the beneficiary or the spouse of any of those listed above also qualifies as a family member of the beneficiary.

A. Anyone can participate in a 529 plan regardless of income of the account owner and in most states, regardless of the age of the beneficiary.

A. FAFSA stands for the Free Application for Federal Student Aid. Is a form that can be prepared annually by current and prospective college students in the US to determine eligibility for student financial aid. The application opens on October 1^st every year.  

A. FAFSA opens on October 1^st every year, however, deadlines must be checked with your institution because they differ for each institution. You must also check with your financial aid administrator for all other aid you receive since additional forms may be required. 

A. Students have many options to graduate college debt free. Students should apply for scholarships and/or grants because it is free money that does not have to be paid back. Grants are often based on financial need, and scholarships on the other hand are usually awarded based on academic achievement or other factors such as your background, financial need, culture, or even employers. There are many scholarships and grants available. For example, our office has a list of scholarships in the Scholarship Database on our website at NevadaTreasurer.gov. Students should also schedule a meeting to speak to their financial aid department to see what other options they have available at their institution.  

Other options include, applying for a Work Study program or a part time/full time job to help pay for college. Also, some schools can put students on payment plans. If all else fails, find ways to reduce expenses to help pay for school out of pocket, and if needed AND as long as it doesn’t affect any of the scholarships or grants received, students can reduce their course load or choose a less expensive college to make it more affordable.  

A. The government has 4 income-driven repayment plans to repay federal student loans: Income-based Repayment, Pay As You Earn (PAYE), Income-contingent Repayment and Revised Pay as You Earn (REPAYE). These plans set monthly payments between 10% and 20% of your discretionary income, which means that you can have a payment as small as $0, however the amount can change annually if there are changes in your income.  

If you have a private student loan, you will want to check with your lender to see what type of assistance they can provide you.  

A. To receive a federal loan, you must submit a Free Application for Federal Student Aid (FAFSA). Federal loans are funded by the government, while private student loans are funded by a bank, credit union or online lender.  

Federal student loans offer borrowers protections and alternative repayment options that private loans may not, such as income-based repayment or forgiveness programs. Federal student loans have flat interest rates set by Congress, while private loans interest rates depend on the borrower’s or co-signer’s credit.  

Always remember that any money borrowed will have to be paid back with interest and sometimes fees! 

A. Some federal student loans will not check your credit, and therefore, applying for the FAFSA would be your option to find out if you qualify for federal student loans. If you do not qualify for federal student loans, then you will need a co-signer to get a private student loan if you have either no credit or bad credit.

A. Federal student loan interest rates are set by congress at a low fixed rate. To find out what the current interest rate is for federal student loans, visit: https://studentaid.gov/understand-aid/types/loans/interest-rates. 

Private student loans, on the other hand, are often variable which means that payments could increase over time. They could also be more expensive with rates as high as 16%. If you choose to take out a private student loan it is important to shop around and compare different loan offers. Private student loan lenders will always advertise very low interest rates, but those interest rates are for borrowers with best credit.  

A. Student Handbook explaining how to use benefits along with an Intent to Enroll form is sent to the beneficiary in the spring of their High School Graduation Year (matriculation date).  Duplicate forms are also available on the Program’s website:  NVPrepaid.gov.  

Required Forms:  Intent to Enroll form signed by both the purchaser and the beneficiary submitted to NPT 60 days prior to enrollment.  This is filed one time, for each higher education institution the student attends. The NPT office will contact the school to begin the tuition payment process on behalf of the beneficiary.   Payment is made directly to the institution on behalf of the student. 

Completion of the Intent to Enroll form is not binding to the institution the student has selected.  The student may change the higher education institution choice at any time prior to the beginning of a school semester.  If a change in higher education institutions is made, a new Intent to Enroll Form will be required.  

Required payment in full:  The Nevada Prepaid Tuition contract must be paid in full, including any outstanding fees, before the contract benefits can be used to pay any higher education institution. 

A:  Any public, private, or out-of state higher education institution that is eligible to participate in student financial aid programs under Title IV of the Higher Education Act of 1965 (www.ed.gov/policy).  To determine a school’s eligibility and obtain its federal school code please search the Federal Student Aid website at www.fafsa.ed.gov or contact the higher education institution directly. 

A:  Regardless if you attend in state or out-of-state, you must submit and Intent to Enroll Form to the  Nevada Prepaid Tuition office in writing 60 days in advance of the start of a semester by submitting the  out-of-state college or university.  After the Program office receives the Intent to Enroll Form, we will contact the institution to make arrangements for payment. 

If attending out-of-state, please contact the higher education institution’s billing office to establish invoicing procedures.  If the school does not have your Nevada Prepaid Tuition (NPT) information when you register, please have the school contact NPT toll-free at 1-888-477-2667.  You are responsible for letting the higher education institution’s billing office know of any arrangements made with NPT and that they should send an invoice to NPT on your behalf. 

NPT will then pay the school directly after receipt of the invoice.  NPT will transfer to the out-of-state school the same amount that would have been paid to a Nevada in-state institution.  In some instances where the out-of-state/ private school charges less than Nevada’s in-state rate per credit hour, the amount transferred may be less.  You are required to pay the school any difference in tuition that exceeds the amount NPT will pay on your behalf.  

There is a $25 one-time higher education institution, (Private or Out-of-State) Processing Fee that will be billed directly to you for the processing of first semester payments to any private or out-of-state school.  If the processing fee is not paid, it may result in delayed payment for the term, and the school may assess late fees or administratively drop you from your classes.  The fee of $25 must be paid each time you transfer to a new private or out-of-state higher education institution. 

A:  If none of the benefits have been used yet, the contract may be transferred to another qualified beneficiary who is a Family Member that is younger or no more than three years older than the original beneficiary, keep the contract in effect, as the beneficiary has 6 years after the projected college entrance date to use their benefits, or cancel the contract and request a refund. 

A:  The program covers credit hours for tuition only on the beneficiary’s behalf for each academic term the student is enrolled.  Nevada Prepaid Tuition does not cover housing, room and board, new student, recycling, health, technology, lab, surcharges, or any other fees the higher education institution may charge. 

A:  No, The Nevada Prepaid Tuition Program will pay the Eligible Institution the exact number of credit hours the beneficiary is registered for each semester.  The Program will stop paying benefits once the Program has paid the total number of credit hours purchased. 

A:  Yes.  Nevada Prepaid Tuition will pay when the beneficiary attends a higher education institution and directs the Program to pay on his/her behalf through the completion of an Intent to Enroll form.  Benefits will be paid according to the contract purchased. For example, if a beneficiary has a Two-Year Community College Plan and attends a four-year university, NPT will pay the university the community college credit hour rate and the beneficiary is financially responsible to pay the difference at the higher education institution he/she is attending.  If the beneficiary has a Four-Year University Plan and attends a community college, NPT will pay the community college rate. Upon completion of the beneficiary’s education, the purchaser may request a refund of the remaining balance, if one exists, pursuant to the Nevada College Savings Board current policy. 

A:  Your Nevada Prepaid Tuition account and the Governor Guinn Millennium Scholarship are completely compatible and work together to cover qualified higher education expenses associated with a Nevada higher education institution.  You may use the Prepaid Tuition Benefits to pay credit hour costs (tuition) and the Governor Guinn Millennium Scholarship funds to pay for fees, books, course materials, etc.  As a Millennium Scholar you may utilize your scholarship benefits at any eligible Nevada institution of higher education. 

A:  Nevada Prepaid Tuition pays benefits on a semester-by-semester basis, so the beneficiary will be able to apply benefits to the new school.  Please notify the Prepaid Tuition office as soon as possible with transfer plans and a new  “Intent to Enroll Form” to ensure the office staff has time to make payment arrangements with the new school.  Again, please submit an Intent to Enroll Form 60 days prior to the beginning of the new semester.  A fee of $25 will be assessed for each transfer to a private and/or out-of-state institution.  

You are responsible for notifying us of your intent to transfer by filling out a new Intent to Enroll Form.  Intent to Enroll Forms can be obtained from our website at NVPrepaid.gov. 

A:  The Beneficiary has six years from their matriculation date to use their Nevada Prepaid Tuition Benefits.  Upon acceptable documentation submitted to the Program, time may be extended for any period during which the Beneficiary was either on active duty in the Armed Services of the United States, or has been actively serving or participating in a charitable religious or public service assignment or mission.   

A:  With the 2017 Legislative session, some changes were made to the regulations and statues to allow unused credit hours to be used towards graduate work or transferred to another qualified beneficiary in certain instances. 

If the beneficiary completes his/her undergraduate degree, and has remaining credit hours in his/her contract:  1.  He/she may be able to apply those credit hours towards a graduate program, paid at the undergraduate program credit hour rate and within the 6 year usage period.  2.  The contract with remaining credit hours may be transferred to a another qualified beneficiary to be used within the 6 year expiration date of the original beneficiary provided that the transfer does not result in any one beneficiary having more than 120 credit hours and that all other contract provisions are met.  Please contact the Prepaid Tuition Program for specific information as how it may apply to you.  

A. No. Funds can be used at any eligible educational institution in the country to pay for qualified higher education expenses. “Eligible educational institutions” are accredited post-secondary educational institutions offering credit toward a bachelor’s degree, an associate degree, a graduate level or professional degree, or another recognized post-secondary credential. Certain proprietary institutions and post-secondary vocational institutions and certain institutions located in foreign countries are also eligible educational institutions. To be an eligible educational institution, the institution must be eligible to participate in U.S. Department of Education student aid programs.

A. You can use your funds to pay for expenses not covered by the scholarship, such as room and board, books and other required supplies. If you withdraw funds and do not use them for qualified expenses, the earnings portion of your withdrawal may be taxed at the scholarship recipient’s tax rate, but will not be subject to the 10% additional federal tax penalty.

A. As long as the withdrawal is used to pay “qualified higher education expenses”, it is exempt from federal income tax.

A. Qualified higher education expenses include tuition, mandatory fees, books, supplies, and equipment required for enrollment or attendance. Room and board expenses are also eligible for students enrolled half-time or more based on the current allowance for room and board determined by the eligible educational institution for federal financial aid purposes, or actual invoice amount charged by the institution to the beneficiary, if greater. 

In addition, qualified higher education expenses also include expenses of a special needs beneficiary that are necessary in connection with his or her enrollment or attendance at an eligible educational institution. However, qualified higher education expenses are reduced to the extent that such expenses are taken into account in claiming the Hope Scholarship Credit or Lifetime Learning credit.