St. Paul, Minnesota - The University of St. Thomas has become the 279th school to join Private College 529 Plan as a means to help families save for a private college education.
It is the eighth Minnesota institution to join the nationwide prepaid tuition plan that allows participating families to lock in today's tuition rates for future use. Families purchase tuition certificates that guarantee the student's tuition at current rates at any of the Plan's member schools for up to 30 years - no matter how much tuition rises or what happens in the financial markets. Thirty-seven of the Plan's members are Catholic colleges or universities.
With private school tuition still rising 3 percent to 5 percent a year, families can potentially save thousands of dollars on the cost of undergraduate education with Private College 529 Plan. Funds in the Plan can be used only for tuition and mandatory fees at member institutions, so it can work alongside any traditional 529 savings accounts to pay for room and board, books and other higher-education expenses. If the student does not attend a member school, funds in the plan can be rolled over to another 529 plan or the beneficiary can be changed.
"St. Thomas is a great addition to our prestigious list of private colleges and universities across the country," said Nancy Farmer, president of Private College 529 Plan. "With tuition changes taking effect July 1, we are very pleased that interested families will now have the opportunity to lock-in current rates for future education."
The diverse range of member schools that comprise Private College 529 Plan includes research universities, liberal arts colleges, religious schools, science and technology institutions and more. Other Minnesota schools participating in the program are Hamline University and Augsburg, Carleton, Concordia, Gustavus Adolphus, Macalester and St. Olaf colleges.
Private College 529 Plan's most recent surveys of 1,000 parents of 13-17 year olds and 1,000 teens in that same age range found that 92 percent of each group said saving for college is important, yet only about a third are using tax-advantaged 529 plans among the parents saving for college.
For more information about college-planning strategies or to sign up for the plan, visit: PrivateCollege529.com.
Founded in 1885, the University of St. Thomas is a private, Catholic, liberal arts university based in the Twin Cities of St. Paul and Minneapolis, Minnesota. St. Thomas is the largest private college or university in Minnesota. It offers bachelor's degrees in more than 90 major and 60 minor fields of study and more than 60 graduate degree programs in seven academic divisions. Its graduate programs lead to master's, education specialist, juris doctorate and doctoral degrees.
Owned and operated by more than 275 leading private colleges and universities, Private College 529 Plan was created by authorization of the U.S. Congress for colleges and their consortia to help families save for college and increase the affordability and accessibility of higher education. Private College 529 Plan enables families to invest in their children's future by prepaying tuition at member institutions, protecting their savings from annual tuition inflation.
The educational mix of private institutions participating in Private College 529 Plan provides families with a wide range of college choices. As opposed to other state specific congressionally authorized plans, Private College 529 Plan has a national scope, with participating private colleges across the United States. It also differs in that its administrative management is by the institutions themselves as opposed to government.
Today, Private College 529 Plan is working for over 6,000 families with more than $310 million under management. For more information, visit https://www.privatecollege529.com/.
Purchasers should carefully consider the risks associated with purchases and refunds of Tuition Certificates. The Disclosure Statement contains this and other information about the Plan, and may be obtained by visiting privatecollege529.com or calling 1.888.718.7878. Purchasers should read these documents carefully before purchasing a Tuition Certificate.