Virginia 529 College Savings PlanVirginia provides multiple choices for people who wish to start putting away money towards the educational expenses of themselves or any other individual. Account owners with Virginia taxable income may claim up to $4,000 per year per account and the earnings are federal and state tax free when the proceeds are used for eligible educational expenses.
Virginia Prepaid Education ProgramSM (VPEP)This is a 529 program that allows Virginia families to prepay tuition and mandatory fees at any Virginia public university. Beneficiaries can be newborn through ninth graders. The funds can also be used at private colleges as well as other places around the country. There is an open season to join usually beginning around December 1 and lasting for about 4 months.
Virginia Education Savings TrustSM (VEST)With just $25, you can open a VEST account. There are several choices of portfolios to choose from, including eight age-based and ten fixed asset. The age-based will begin more aggressive and move towards more conservative as the years go by. The fixed asset gives you many choices, including
CollegeAmerica®If you would like to invest through a financial advisor, the CollegeAmerica® Plan may be for you. It allows investment in a range of American Funds mutual funds.
CollegeWealth®For those conservative investors, the CollegeWealth® program allows you to put your money into an FDIC insured bank account. These funds are FDIC insured up to $250,000, though if you have other accounts with the same bank, the combination is insured up to the $250,000 limit. Using the CollegeWealth® program will give you all the tax advantages of the other Virginia 529 programs.
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