Deadline extended for tuition plan

Thursday, Nov. 19, 1998 | 11:15 a.m.

The deadline for enrolling in the Nevada Prepaid Tuition Program was extended to Friday because of an overwhelming response from parents who want to save money on college tuition by paying for it now instead of years in the future when inflation will have added to the cost.

The program was initiated in September.

Those interested in signing up had until yesterday, but officials said so many applications were coming in that they decided to extend the deadline until tomorrow.

Figures on the number of people who have enrolled won't be available till next week.

The program was authorized by the 1997 Legislature and funded through June 30, 2001, with $1.2 million in seed money.

Larry Lee, management analyst for the program, said if there is enough interest, the program will become permanent.

The program allows those who will be paying for college tuition to make payments into a state-controlled trust fund that locks future tuition into the rates the year the payments are begun.

An outside investment management group will invest the money to cover the cost of tuition growth, Lee said.

A person can make one lump-sum payment covering four years of tuition, which would be due in February, or there is a five-year plan in which 60 monthly payments may be made.

To be eligible for prepaid tuition the beneficiary must not yet have completed the ninth grade and must be 18 or younger.