A new Nevada program will help families save for college. Families can apply for the Silver State Matching Grant program through July 31, 2018, announced the Nevada State Treasurer’s Office. The announcement came on Friday, April 20.

If families qualify, they can obtain up to $300 a year in contributions to SSGA Upromise 529 accounts matched by the state. This is a type of savings account for college.

Nevada State Treasurer Dan Schwartz said, there is always time to open a college savings account and this program is one of the ways Nevada is working to help students be able to afford college.

The grant period is open through July 31. To be eligible, families must meet the following requirements:

  • The person applying and the beneficiary both must be residents of Nevada
  • Be the account owner of an SSGA Upromise 529 account
  • As of December 31, of the year applying, the beneficiary must be under the age of 13
  • Household adjusted gross income must fall below $74,999

Nevada College Kick Start Program

There is also the Nevada College Kick Start Program. A Kick Start account can be opened with a deposit of $50 for all Kindergarten students in Nevada public schools. This program is administered by the Nevada State Treasurer’s Office and the Board of Trustees of the College Savings Plans of Nevada.

Taxpayer dollars are not used to find the Nevada College Kick Start Program. A portion of the fees paid to the Treasure’s Office from private companies is used to fund the Program. The companies are program managers for the College Savings Plans of Nevada.

The accounts are automatically created through information provided by the child’s school, including the child’s name and school ID number. Parents are required to claim the child’s account to prevent it from expiring. There will be a portal where parents can register.

To claim the account, use the child’s Kick Start ID. It can be found in the Welcome Letter. If the number cannot be found, call (702) 486-4141. One the account has been claimed, jump start the account by opening and linking another college savings account. By doing this, this child may be able to receive additional funding.

There were 170,000 students enrolled in the Program, as of December 2017. There are no fees, charges, or hidden costs attached to this program. It is free.

Other Nevada College Savings Account Options

There are other options: Nevada Prepaid Tuition, SSGA Upromise 529, and the Governor Guinn Millennium Scholarship. All of these savings plans can be used together to cover all college expenses.

All the 529 college savings programs can be used at any college in the country that accepts federal financial aid.

When parents select a Nevada college savings plan, it supplies benefits to only Nevadans, such as reduced fees, scholarships, and matching grant programs.

Most college savings plans offer tax-deferred growth. Plans are flexible and can be used for some vocational or technical programs in addition to colleges and universities. Benefits may also be transferred to other family members.

By Jeanette Smith

Sources:

Las Vegas Review-Journal: Nevada program offers families help in saving for college
Nevada Treasure’s Office: Let’s Go to College – Nevada Saves
Nevada State Treasurer: Nevada College Kick Start FAQ

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