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NEVADA
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Upromise College Fund
Type: Savings
Phone: 800-587-7305
State tax deduction for residents: Nevada has no state income tax
Open to nonresidents: Yes
Refund provisions: You get back contributions plus a rate of interest determined by the state, less a $150 fee; for savings plan, penalty of 10% of earnings.
Minimum/maximum contributions: $50 / $250,000
This new plan, which invests in Vanguard funds, is a promising addition to the Upromise loyalty program but is also open to those who don't participate. There are three age-based portfolios (conservative, moderate and aggressive) and eight fixed portfolios that invest in various index funds. Expenses for all the Vanguard options are a super-low 0.65%, plus a $20 maintenance fee, per year.
Originally the plann offered Strong funds, too. In light of accusations of wrongdoings lodged by the New York attorney general against Strong, the Strong offerings are no longer available and all money invested these funds has been moved to other funds.
Nevada Prepaid Tuition Program
Type: Prepaid
Phone: 888-477-2667/888-338-3789
State tax deduction for residents: Nevada has no state income tax
Open to nonresidents: Yes
Refund provisions: You get back contributions plus a rate of interest determined by the state, less a $150 fee; for savings plan, penalty of 10% of earnings.
Minimum/maximum contributions: $3,010 for a two-year community college; $13,450 for a four-year university plan for a ninth grader.
Other: Beneficiary must be in the 9th grade or younger to enroll in the prepaid plan.
Prepaid plan rates are based on the cost of Nevada state community colleges and universities. But if your child goes to an out-of-state college, you'll probably need to come up with extra tuition, not to mention room and board and other expenses (and you'll pay a fee of $25 per term to transfer your contract). There's a $100 enrollment fee, plus fees for contract changes. Nevada backs the plan with a full-faith-and-credit guarantee.
State College Savings Plans
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