Recently rebranded as Invest529, Virginia’s tax-advantaged college savings plan is a great opportunity to prepare for your child’s education—or even your own.
Saving for college. It’s something many parents start contemplating from the time their little ones are wearing Onesies. Saving early is always best, but balancing living expenses, childcare and other financial obligations as babies grow into toddlers, tweens and teens can represent a very real challenge for families.
One great opportunity for Virginia families is the Invest529 Commonwealth Savers program, one of the nation’s largest and most highly rated education savings programs. Formerly known as Virginia529, the program recently rebranding its flagship education savings plan as Invest529 under the broader organization name Commonwealth Savers.
The rebrand reflects an expanded mission that has grown beyond tax-advantaged savings options for education to include disability and retirement programs including ABLEnow and RetirePath Virginia. Commonwealth Savers manages Invest529, a flexible, affordable education savings program, and CollegeAmerica, the largest advisor-sold 529 plan in the nation.
Although 529 plans have been around for decades and they continue to grow in popularity, some misconceptions about them persist. Below are some of the biggest 529 plan myths, provide by Invest529 and Commonwealth Savers.
7 Myths of Saving
in a 529 Plan
Myth:I’ll lose all the money in my account if my child doesn’t go to college.
Reality: College isn’t a path for every child, but 529 plans are designed to be flexible and protect your money.
529 accounts can be used tax- and penalty-free for tuition and qualified expenses related to technical schools, graduate schools and registered apprenticeship programs. 529 accounts can also be used for student loan repayment and K-12 tuition.
You can also use the money for your own education, transfer it to a sibling or other qualifying family member, or save the money for the future.
But, if you make a withdrawal and use it for something other than education, you’ll pay income tax and a 10 percent penalty on the earnings portion of the withdrawal since your contributions were made with post-tax money.
Myth: If my child gets a full ride scholarship (academic or athletic), I’ll lose the money in my account.
Reality: Remember, any contributions will not be taxed or penalized so long as they are used for qualified higher education expenses; the money put in is always yours.
Yes, earnings that are not used for qualified higher education expenses are subject to a 10% federal tax penalty, but there’s a special exception when the student earns a scholarship.
Account Owners can avoid the 10% penalty on non-qualified withdrawals up to the amount of the tax-free scholarship. The earnings portion of the withdrawal, however, will still incur income tax.
The money in the account can also be saved for further education, such as graduate school. Or you can transfer the account to the child’s sibling or other qualifying family member.
Myth: My child can only go to college in the state where my 529 account was opened.
Reality: Your child can use 529 funds for tuition and mandatory fees at eligible educational institutions, no matter what state your 529 savings account is based in.
This includes four-year public and private colleges, community college, graduate schools and even some international study.
Myth: 529 plans are only for children.
Reality: There are no age requirements for beneficiaries (students) of a
529 savings account.
Younger children will have more time for their investments to grow in a 529 account, but older students can still take advantage of federal and state tax benefits.
Myth: It’s too late to start saving.
Reality: There’s no time like the present
to put away money for education.
The sooner you start, the more time your investment will have to grow. But even if you don’t start early, every dollar you save is a dollar you or your child won’t have to borrow later.
Myth: I’ll need to save for the full cost of my child’s education because I won’t be eligible for financial aid.
Reality: Like any non-retirement investment or savings, 529 accounts may affect a student’s eligibility for need-based financial aid—however, the impact is typically minimal.
Unfortunately, very few families can save the full cost of a child’s higher education. However, whatever you save now can help you or your child borrow less in the future. Plus, financial aid is designed to bridge the gap between the cost of school and what your family can be expected to pay.
Want to set a target to save for? Invest529 offers a variety of tools and calculators that help you compare the impact of starting to save now versus waiting a year or more on your overall costs, determine a monthly contribution to reach your goal and gain insight into your potential financial aid eligibility.
Myth: I’ll have to make a lot of complicated investment decisions.
Reality: Although there is a wide range of investment options to meet your needs and saving strategy, Invest529 provides its Portfolio Selection Assistant to help you research options.
Whether you decide to go the “set it and forget it” route and pick an age-based portfolio that will adjust automatically as your child gets older, or you’re looking for a savings option designed to protect against losses to the original amount you’ve invested, Invest529 works to ensure families don’t miss out on setting up their savings.
Learn more at invest529.com.
Coastal Virginia Private School Guide*
*This list includes select private education establishments in the Coastal Virginia region offering instruction through at least the 8th grade. Information included is based on that available on each school’s website, published promotional materials or information or clarification provided upon request. All enrollment figures, student-teacher ratios and tuition rates are approximate.
Atlantic Shores Christian School
1217 Centerville Tpke. N, Chesapeake
Established: 1985
Grades: K3-12
Enrollment: Approximately 750 students
Student-Teacher Ratio: 8:1 preschool; 20:1 high school
Tuition: $-$$
Description: A co-educational, faith-based school offering rigorous academics, advanced and resource classes, fine arts and athletics in a Christ-centered environment.
Bethel Christian School
1647 Briarfield Rd., Hampton
Established: 1972
Grades: PK-12
Enrollment: Approximately 135 students
Student-Teacher Ratio: 15:1
Tuition: $
Description: Bethel Christian School, a ministry of Bethel Baptist Church, offers a solid biblical worldview, rigorous academics, a nationally acclaimed fine arts program, and competitive athletics.
Cape Henry Collegiate School
1320 Mill Dam Rd., Virginia Beach
Established: 1924
Grades: PK-12
Enrollment: Approximately 1,100 students
Student-Teacher Ratio: 10:1
Tuition: $$-$$$$
Description: This co-educational, college-preparatory day school is known for its global education program and strong focus on STEM subjects, providing students with cultural diversity and a goal of placing responsible, educated citizens into the global society.
Catholic High School
4552 Princess Anne Rd., Virginia Beach
Established: 1949
Grades: 9-12
Enrollment: Approximately 500 students
Student-Teacher Ratio: 22:1
Tuition: $$-$$$
Description: Catholic high school combining faith formation with academic excellence, offering AP and STEM courses, athletics and extensive extracurricular opportunities.
Chesapeake Bay Academy
821 Baker Rd., Virginia Beach
Established: 1989
Grades: 1-12
Enrollment: Approximately 110 students
Student-Teacher Ratio: 6:1
Tuition: $$$$
Description: An innovative, personalizedacademic program for students with unique learning needs, empowering them for success in higher education, careers and life.
The Friends School
1537 Laskin Rd., Virginia Beach
Established: 1955
Grades: PK-8
Enrollment: Approximately 140 students
Student-Teacher Ratio: 8:1
Tuition: $$-$$$
Description:A Quaker co-educational school that is part of a 350-year tradition of Quaker educational principles committed to an inquiry-based curriculum and experiential learning.
Gloria Dei Lutheran School
250 Fox Hill Rd., Hampton
Established: 1973
Grades: PK-8
Enrollment: Approximately 325 students
Student-Teacher Ratio: 9:1
Tuition: $
Description: A faith-based school offering a well-rounded education grounded in Christian values, with a focus on academic achievement and spiritual growth.
Great Bridge Christian Academy
700 Mt. Pleasant Road, Chesapeake
Established: 2000
Grades: PK-8
Enrollment: Approximately 300 students
Student-Teacher Ratio: 12:1
Tuition: $
Description: A co-educational Christian school emphasizing strong academics, Biblical instruction and extracurricular opportunities.
Greenbrier Christian Academy
311 Kempsville Rd., Chesapeake
Established: 1983
Grades: PK-12
Enrollment: Approximately 675 students
Student-Teacher Ratio: 13:1
Tuition: $-$$
Description: A Christ-centered school offering a robust curriculum, arts, athletics and leadership opportunities, fostering academic and spiritual growth.
Greenwood Christian Academy
5251 John Tyler Hwy., Williamsburg
Established: 1962
Grades: PK-8
Enrollment: Approximately 160 students
Student-Teacher Ratio: 16:1
Tuition: $-$$
Description: A private Christian school dedicated to providing a Christ-centered education with strong academics, a nurturing community and a focus faith and leadership.
Hampton Christian Academy
2419 N Armistead Ave., Hampton
Established: 1937
Grades: PK-12
Enrollment: Approximately 284 students
Student-Teacher Ratio: 6:1
Tuition: $
Description: A Christ-centered academy providing a balanced education focused on academic excellence, spiritual growth, and community service.
Hampton Roads Academy
739 Academy Ln., Newport News
Established: 1959
Grades: PK-12
Enrollment: Approximately 610 students
Student-Teacher Ratio: 9:1
Tuition: $$-$$$$
Description: A Pre-K-12 independent school distinguished by its commitment to academic excellence, offering a challenging and diverse curriculum tailored to each student’s needs
Mt. Pleasant Christian School
1613 Mt Pleasant Rd., Chesapeake
Established: 1941
Grades: PK-8
Enrollment: Approximately 350 students
Student-Teacher Ratio: 10:1
Tuition: $
Description: A Christian school committed to providing a strong academic foundation and fostering a love for learning in a faith-based environment.
Nansemond-Suffolk Academy
3373 Pruden Blvd., Suffolk
Established: 1966
Grades: PK-12
Enrollment: Approximately 900 students
Student-Teacher Ratio: 10:1
Tuition: $$-$$$$
Description: This independent, college-preparatory school with two campuses in Suffolk, offering a nurturing environment with a comprehensive educational approach from early childhood through high school.
Norfolk Academy
1585 Wesleyan Dr., Norfolk
Established: 1728
Grades: 1-12
Enrollment: Approximately 1,200 students
Student-Teacher Ratio: 9:1
Tuition: $$$$
Description: An independent co-educational day school serving Norfolk, Chesapeake, Virginia Beach, Portsmouth, and Suffolk with a rigorous academic program emphasizing leadership and character development.
Norfolk Christian Schools
255 Thole St., Norfolk
Established: 1952
Grades: PK-12
Enrollment: Approximately 775 students
Student-Teacher Ratio: 9:1
Tuition: $$-$$$
Description: A private, coeducational Christian day school known for its rigorous academics, strong programs and focus on spiritual development.
Norfolk Collegiate School
7336 Granby St., Norfolk (6-12) & 5429 Tidewater Dr. (K3-5)
Established: 1948
Grades: PK-12
Enrollment: Approximately 540 students
Student-Teacher Ratio: 11:1
Tuition: $$$-$$$$
Description: An independent, coeducational school that develops critical thinkers, doers and explorers through innovative, engaging instruction in a supportive environment.
OakTree Academy
1516 Volvo Pkwy., Chesapeake
Established: 1994
Grades: K4-12
Enrollment: Approximately 480 students
Student-Teacher Ratio: 17:1
Tuition: $
Description: A Christian school that operates in a family-like atmosphere, following a unique schedule, and whose motto is to “Celebrate Christ, Celebrate Family, Celebrate Life.”
Our Lady of Mount Carmel School
52 Harpersville Rd., Newport News
Established: 1954
Grades: PK-8
Enrollment: Approximately 300 students
Student-Teacher Ratio: 12:1
Tuition: $
Description: A Catholic school providing a nurturing, faith-based education with a focus on academic excellence and spiritual development.
Peninsula Catholic High School
600 Harpersville Rd., Newport News
Established: 1903
Grades: 8-12
Enrollment: Approximately 285 students
Student-Teacher Ratio: 11:1
Tuition: $$
Description: A Catholic high school offering a rigorous curriculum, faith-based education and extensive extracurricular and leadership opportunities.
Portsmouth Catholic Regional School
2301 Oregon Ave., Portsmouth
Established: 1954
Grades: PK-8
Enrollment: Approximately 200 students
Student-Teacher Ratio: 11:1
Tuition: $
Description: A Catholic school dedicated to academic excellence, spiritual growth, and fostering a strong sense of community among its students.
Saint Gregory the
Great Catholic School
5343 Virginia Beach Blvd., Virginia Beach
Established: 1965
Grades: PK-8
Enrollment: Approximately 500 students
Student-Teacher Ratio: 14:1
Tuition: $
Description: A Catholic school known for its academic excellence, faith formation, and commitment to fostering a strong sense of community and service.
Saint Mary Star of the Sea School
14 N Willard Ave., Hampton
Established: 1923
Grades: PK-8
Enrollment: Approximately 150 students
Student-Teacher Ratio: 10:1
Tuition: $
Description: A Catholic school offering a Christ-centered education to students of all faiths in the tradition of the Dominican Sisters of St. Cecelia, spiritual, intellectual and social development.
Saint Matthew’s School
3316 Sandra Ln., Virginia Beach
Established: 1963
Grades: PK-8
Enrollment: Approximately 400 students
Student-Teacher Ratio: 13:1
Tuition: $
Description: A Catholic school offering a well-rounded education, combining strong academics, faith-based learning, and extracurricular opportunities.
Saint Patrick’s Catholic School
1000 Bolling Ave., Norfolk
Established: 2005
Grades: PK-8
Enrollment: Approximately 405 students
Student-Teacher Ratio: 10:1
Tuition: $$
Description: Independent Catholic school serving the Ghent neighborhood of Norfolk and known for its focus on academic rigor, character education and faith-based learning.
Saint Pius X Catholic School
7800 Halprin Dr., Norfolk
Established: 1955
Grades: PK-8
Enrollment: Approximately 200 students
Student-Teacher Ratio: 12:1
Tuition: $
Description: A Catholic school offering a strong academic program, faith formation, and a wide range of extracurricular activities in a close-knit community.
St. John the Apostle Catholic School
1968 Sandbridge Rd., Virginia Beach
Established: 2004
Grades: PK-8
Enrollment: Approximately 325 students
Student-Teacher Ratio: 17:1
Tuition: $-$$
Description: A Catholic school where students are challenged academically, supported spiritually and encouraged to embody ethical standards essential to moral development.
StoneBridge School
1629 Jolliff Rd., Chesapeake
Established: 1980
Grades: PK-12
Enrollment: Approximately 500 students
Student-Teacher Ratio: 16:1
Tuition: $-$$
Description: A classical Christian school focused on developing students’ character, leadership skills, and academic excellence through a Biblical worldview.
Suffolk Christian Academy
PreK3-4: 116 Romans Rd., Suffolk; upper school (grades 5-12) 237; N. Main St., Suffolk
Established: 1988
Grades: PK-12
Enrollment: Approximately 300 students
Student-Teacher Ratio: 9:1
Tuition: $
Description: A Christ-centered school offering rigorous academics, extracurricular programs, and a nurturing environment that encourages spiritual growth.
Walsingham Academy
1100 Jamestown Rd., Williamsburg
Established: 1947
Grades: PK-12
Enrollment: Approximately 500 students
Student-Teacher Ratio: 10:1
Tuition: $$$
Description: A Catholic school offering a balanced education with a focus on academics, faith, extracurricular activities, and social interactions, fostering a strong sense of community.
The Williams School
419 Colonial Ave., Norfolk
Established: 1927
Grades: PK-8
Enrollment: Approximately 185 students
Student-Teacher Ratio: 7:12
Tuition: $$$
Description: A coeducational independent day school located in the heart of Norfolk’s historic Ghent neighborhood, Williams champions a child-centered environment where all students are inspired to learn, explore and act with honor and empathy.
Williamsburg Christian Academy
101 School House Ln., Williamsburg
Established: 1978
Grades: PK-12
Enrollment: Approximately 200 students
Student-Teacher Ratio: 10:1
Tuition: $$-$$$
Description: A Christ-centered school offering a rigorous International Baccalaureate (IB) curriculum, vibrant arts and athletic programs and a strong focus on character development and spiritual growth.
Tuition Range Key*
$ = 5,000-10,000
$$ = 10,000-15,000
$$$ =15,000-20,000
$$$$ = 20,000+
*Most private schools listed offer some form of need-based tuition assistance. Contact individual schools for details.
