To ensure maximum financial benefit from your prePAID plan when receiving scholarships or grants designated for tuition only, consideration should be given to the level of benefits being accessed. You may want to contact the Virginia College Savings Plan Office (1-888-567-0540) to review plan options for covering other non-tuition educational costs such as room and board.
The maximum amount prePAID will pay is in-state undergraduate tuition, library, technology and comprehensive fees capped at the full-time Blacksburg campus rate (12 hours).
If you are a participant in the Virginia 529 Savings Plan program, there are two ways to have your tuition paid:
prePAID 529 - (In-state tuition and fees only). Participants must submit an "Intent to Enroll" form to the Virginia College Savings office in Richmond. A list of participants in the prePAID program is sent to us from the VCSP office prior to the start of classes for fall and spring semesters. A pending credit will be placed on your student account until payment is received. (Students wanting to use prePAID/inVEST benefits for summer or winter term classes should contact the Virginia College Savings Plan Office toll free at 1-888-567-0540 to discuss payment options). Our office will send an invoice to the VCSP office after the last day to add classes for the semester. The maximum amount prePAID will pay is capped at the full-time undergraduate rate (12 hours).
inVEST - If you are an inVEST participant or you roll your investment from the prePAID plan to the inVEST plan, payment will be sent to Virginia Tech after you have either submitted your distribution request online or mailed your request form to the Virginia College Savings Plan office. You must indicate on the Distribution Request Form the amount you are requesting to be paid from VCSP to VT. Tuition and fee costs for each semester are listed on our website. You should submit online, or send a distribution request form to the Virginia College Savings Plan office each semester to have payment sent to us. If you also mail; email ( firstname.lastname@example.org ) or fax ( 540-231-3238 ) a copy of your online submission form or confirmation or a paper copy of your distribution request form to our office when you send it to the VCSP office, a pending credit will be entered on the student account for the amount of the request. If you check the box which says you are requesting "all available funds" we will not know the amount to enter as a pending credit. The School Identification Number requested on the inVEST distribution request form is the student's Virginia Tech ID number.
Since payment from the inVEST plan may be received near or after the payment deadline, students could receive a late fee or hold if a copy of the request form has not been received by our office prior to the payment deadline. A "Hold" simply means that the student cannot access their account on the Hokie SPA to view their student account or make changes to their class schedule. If you have questions about the Hold on your account, please contact the office of the University Bursar by email email@example.com, or call 540-231-6277.
Electronic billing notifications will be available to you monthly showing any new account activity and the pending credit until the actual payment is received from VCSP. If you are a inVEST participant and have already sent us a copy of your distribution request form for the semester, you should pay any additional amount you owe not covered by the pending credit from your inVEST account.
If you have a pending credit for prePAID and then decide to roll to the inVEST program, the Virginia College Savings Plan office will notify our office and we will remove the prepAID pending credit. If you provide our office with a copy of the inVEST distribution request form you send to the VCSP office we can enter a pending credit until the inVEST payment is received. If you have questions as to whether you should remain with prePAID or roll to inVEST you should contact the Virginia College Savings Plan office directly to discuss your options.
Questions regarding participation in the program should be directed to Virginia College Savings Plan Customer Service at 1-888-567-0540 or email firstname.lastname@example.org. You may also view the Virginia College Savings Plan website to obtain additional information.