Virginia's Prepaid529 offers a variety of tuition packages to Virginia families. The program closed to new accounts on April 30, 2019. There will be no changes to existing Prepaid529 contracts, and current contracts will retain the Prepaid529 benefit structure in effect at the time of purchase.
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- Program typePrepaid contract
- Enrollment periodVirginia529 closed Prepaid529 to new enrollments as of April 30, 2019.
- State agencyVirginia529
- Tax deduction
Ratings & Rankings
Our overall rating for VA residents
This is an excellent program with many benefits for the participant and positive investment attributes. If it has any significant weaknesses then it also has some particularly good things to recommend it.
Our overall rating for non-residents
This program is not open to you either because it has residency requirements or because it has stopped accepting new enrollments.
State residency requirements:
Who can be a participant/owner in the program?
Significant time or age restrictions imposed by the program:
Available tuition packages:
Benefits for beneficiary attending private or out-of-state institution:
Contract payment options:
Are program benefits backed by the full faith and credit of the state?
Are program benefits collateralized or guaranteed in any other way?
Fees & Expenses
Enrollment or application fee:
Taxes and other Benefits
- Tax deduction for single filers$4,000/yr
- Tax deduction for joint filers$4,000/yr
Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.
Program match on contributions:
State tax deduction or credit for contributions:
State tax recapture provisions:
State tax treatment of qualified distributions:
State tax treatment of rollovers:
Does the sponsoring state exclude the value of an account for state financial aid purposes?
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Does the program have a formal agreement with a rewards program or outside scholarship program?
Upromise Helps Families Save for College
Statutory protection of an account from creditors:
Distributions & Terminations
To whom are distributions made payable:
Policy regarding participant/owner changes:
Virginia lowers Prepaid529 costs (02/06/2019)