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NVR Employees: Navigating the Rising Costs of College Tuition for Your Family

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It doesn’t take a degree in finance to see the cost of college continues to rise.

In its 2017 report, the College Board showed that public four-year institutions raised prices an average of 3.2% annually between the 2007-08 and 2017-18 school years. Put another way, a $5,000 education in 2007-08 would cost $6,851 in 2017-18.

For a few families, the lion’s share of education costs falls on parents and, in some cases, on grandparents. For our NVR clients who are parents you may already know, generally, the majority of families rely on a combination of scholarships, grants, financial aid, part-time jobs, and parent support to help pay the cost.

For NVR employees who have children approaching college age, a good first step is estimating the potential costs. The accompanying worksheet can help you get a better idea about the cost of a four-year college.

For NVR employees who already put money away for college, the worksheet will take that amount into consideration. For NVR employees who haven’t, it’s never too late to start.

Resources

There are a number of resources that can help individuals prepare for college. The U.S. government distributes certain information on colleges and costs. Here are two sites for these NVR employees to consider reviewing:

www.studentaid.ed.gov
The government’s college and financial aid portal.

Featured Video

Articles you may find interesting:

www.collegeboard.org
The group that administers the SAT test.

Estimating the Cost of College

Estimating the Cost of College

What is the NVR 401(k) plan?

The NVR 401(k) plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax or post-tax basis.

How can I enroll in the NVR 401(k) plan?

Employees can enroll in the NVR 401(k) plan by completing the enrollment process through the company’s benefits portal or by contacting the HR department for assistance.

Does NVR offer a company match for the 401(k) contributions?

Yes, NVR offers a company match on employee contributions to the 401(k) plan, helping employees to maximize their retirement savings.

What is the maximum contribution limit for the NVR 401(k) plan?

The maximum contribution limit for the NVR 401(k) plan is set by the IRS and may change annually. Employees should check the current limits to ensure they are contributing the maximum allowed.

Can I change my contribution amount to the NVR 401(k) plan?

Yes, employees can change their contribution amount to the NVR 401(k) plan at any time by accessing their account through the benefits portal.

What investment options are available in the NVR 401(k) plan?

The NVR 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles, allowing employees to choose based on their risk tolerance and retirement goals.

When can I start withdrawing from my NVR 401(k) plan?

Employees can typically begin withdrawing from their NVR 401(k) plan without penalty at age 59½, but there are specific rules regarding hardship withdrawals and loans.

Does NVR allow loans against my 401(k) balance?

Yes, NVR allows employees to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan documents.

What happens to my NVR 401(k) if I leave the company?

If you leave NVR, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it in the NVR plan if eligible.

Are there any fees associated with the NVR 401(k) plan?

Yes, the NVR 401(k) plan may have administrative fees and investment-related fees. Employees should review the plan documents for detailed information on any applicable fees.