This Little Piggy Is Going to College
September is College Savings Month & VHEIP celebrates with piggy bank giveaway
WINOOSKI (Sept. 2, 2014) – September is College Savings Month, a perfect time to open or add to a Vermont Higher Education Investment Plan account to get the maximum in savings and tax benefits.
Vermont Student Assistance Corp., which administers the state plan, is giving away everything you need to get started – including one of the popular VHEIP pink piggy banks. Visit VSAC on Facebook at www.facebook.com/vermontstudentassistancecorporation or at www.vheip.org to sign up to receive a VHEIP piggy bank and information kit.
The Vermont Higher Education Investment Plan is Vermont’s official 529 college savings plan, and the only 529 plan for which Vermont investors can receive a state income tax credit on contributions.
VHEIP accounts can be started with as little as $25, making them affordable to most Vermonters and the state provides a tax credit of 10 percent of the first $2,500 contributed per beneficiary, per year ($5,000 contributed per beneficiary, per year, for spouses filing jointly).
“Our goal is to provide families with a college savings plan that is affordable, accessible and flexible,” said Scott Giles, VSAC president and CEO. “With the cost of higher education rising faster than inflation, nearly every family will face the question of how to pay for it when the time comes. By starting savings plans early, contributing regularly, and making smart investment choices, families can make their savings work for them while their children grow.”
In the past 15 years, almost 3,500 Vermont students have used more than $78 million from VHEIP accounts to pay for education or training after high school.
The VHEIP 529 college savings plan was established in 1999 and is Vermont’s only state-sponsored 529 plan. Since the start of the VHEIP plan in 1999, Vermont families have saved more than $300 million for college tax-free through VHEIP. VHEIP is administered by the Vermont Student Assistance Corp. and managed by TIAA-CREF Tuition Financing Inc. For more information about VHEIP, visit www.vheip.org or call the customer service center at (800) 637-5860.
Vermont Student Assistance Corporation is a public, nonprofit corporation created by the Vermont Legislature in 1965 to help Vermonters plan and pay for education or training beyond high school. VSAC administers Vermont’s 529 college savings plan; outreach services to encourage low-income students to aspire to and complete college; college and career planning services for all Vermonters; need-based state grants for full-time, part-time and non-degree study; public and private scholarship programs; and Vermont Advantage education loans. Find us at www.vsac.org or on Facebook at https://www.facebook.com/VermontStudentAssistanceCorporation.