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Hooray for May! Celebrate College Savings Day (& enter the $529 VHEIP drawing)
At VSAC, we’re making the month of May one big, happy Vermont 529 Day. And there's still time for all Vermonters to join in!
National 529 Day is May 29 (get it?), named for 529 college savings plans that help families plan and pay for college. In Vermont, the Vermont Higher Education Investment Plan has more than 22,000 accounts worth over $400 million to help pay for training and education after high school. Last year alone, Vermont families withdrew almost $32 million to pay for education expenses.
VSAC, which administers the VHEIP program for the state of Vermont, has again partnered with the Vermont Association of Hospitals and Health Systems to give a $100 college savings account to every baby born on May 29, to help educate Vermont families about saving for college for their children.
“Vermont hospitals believe that a healthy, vibrant Vermont is possible, and while excellent health care is an essential component, addressing the social determinents of health is equally important,” said VAHHS President and CEO Jeffrey Tieman. “Specifically, education has a profound impact on population health, and that’s why VAHHS partners with VSAC each year on 5-29. We know that investments in education will provide health benefits for our children, families and communities.”
Don't miss out: Enter to win our drawing for $529 in college savings!
In addition to celebrating our 5/29 babies, one lucky individual -- baby or not -- will be chosen to receive $529 in a college savings account in an online month-long drawing. To enter to win $529 in a VHEIP college savings account, visit vheip.org and sign up by May 31.
And the fun will continue throughout the summer, too! For the 4th season, VSAC is teaming up with the Vermont Lake Monsters to encourage college savings. Every family who comes to the ballpark on CHAMP's Kids Club days can be entered to win $100 in a VHEIP account. And at every home Lake Monsters game, one lucky kids will be chosen to receive a "Pitch for Cash" in college savings. The speed of the pitch determines the prize: If the pitch is thrown at 90 mph, $90 goes into a VHEIP college savings account for the child. Find out more about the fun at the ballbark with CHAMP at vheip.org/CHAMP.
All these efforts are to help families get a start on planning for college. That's because all Vermonters will need some form of education or training after high school to be qualified for Vermont’s future jobs. And, research shows that students from families who save even a small amount (less than $500) for education are three times more likely to go and four times more likely to graduate.
“College savings accounts are clearly a powerful tool,” said Scott Giles, president and CEO of VSAC. “We want to encourage parents to open a VHEIP account and get started early to save for college and other career training. The ideal time to begin saving is between birth and age 5 in order to allow your investment to build over time.”
But it’s never too late to start saving – and Vermont’s month-long 529 college savings celebration is a great time to begin! Whether you’re young or old, be sure to join VSAC to celebrate 529 day and get a chance to win $529 in a VHEIP college savings account.