Vermont Business Magazine Norwich University, the nation's oldest private military college and birthplace of the Reserve Officers' Training Corps (ROTC), has joined Private College 529 Plan, a consortium of 284 colleges that guarantees a locked-in tuition rate for prospective students. College savings and pre-paid tuition plans, called 529 plans, are offered nationwide. Private College 529 Plan enables families to prepay tuition, avoiding future increases in the cost of college or the risk associated with financial market volatility. "By joining Private College 529 Plan, Norwich is offering just one more way to help families make a private college education more affordable," Vice President for Enrollment Management Greg Matthews said.
This exciting news comes on the heels of another new initiative announced by the school and launched in May 2016 advising that Vermont students seeking majors in science, technology, engineering and math (STEM) have a chance for an upfront award of $25,000-30,000 for each of their four years at Norwich University. "Private College 529 Plan has helped families save on the cost of college for over a decade at leading private schools nationwide – research universities, liberal arts colleges, STEM schools, and faith-based institutions," said Nancy Farmer, president of Private College 529 Plan. "We are pleased to welcome Norwich as the first member school to offer a military education option to our account owners and believe it is fitting that they join during September which is widely known as National College Savings Month."
This fall marks the 10 year anniversary of the first account owners who began redeeming tuition from Private College 529 Plan. Since these families led the way, there have been nearly 5,000 redemptions allowing thousands of students to save on the cost of attending private college by prepaying for their higher education through the Plan.