Virginia 529 College Savings Plan

Jul 17, 2014

While parents look for more affordable ways to send their kids to college, many are seeking information about the Virginia 529 College Savings Plan. A  new briefing by the Joint Legislative Audit and Review Commission suggests that the state’s Plan may be one of the most viable and sustainable options.

Virginia offers four programs. All give parents the opportunity to set aside funds—and offer state and federal tax breaks. The College America program is different from the other three because it's managed by a private partner. But JLARC's Mark Gribbin says it has its own set of benefits.

Due to high college tuition rates, pre-paid contracts were restructured to improve affordability. A new semester contract option was established last year, and contract sales increased by 24%.  All four programs have met their long-term investment goals.