COVID-19 updates & ways VSAC can help
September is College Savings Month. We have a plan.
As families begin the new school year, VSAC wants to help parents make saving for their kids’ future college or training part of their back-to-school routine … and to have a little fun in the process.
September is National College Savings Month, and to help remind families about the importance of saving now for their kids’ future education, VSAC, sponsor of VT529, Vermont’s official 529 college savings plan, is hosting two events: a 529 giveaway for students (ages pre-K to grade 6) and, for parents, a live webinar to explain how education savings plans work, and the benefits of 529 plans—including Vermont’s VT529 program.
The “802 Future You” 5-2-9 giveaway Sept. 12 through Oct. 15
The jobs of the future will require some form of education past high school, and 529 plans can make saving for that training easier. To get students (and their parents) thinking ahead, VSAC invites Vermont students preK-6th grade to draw a picture of a job they are curious about and ask a parent/guardian to post it on social media to enter to win $200 (or more) in a VT529 college savings account. See the entry details here.
VSAC Shows You How webinar on college savings, Sept. 28
Parents, whatever career your kids are curious about, saving now for their college or training will help them to reach their future goals.
The next VSAC Shows You How webinar on September 28, from 6:00–7:00 pm, focuses on 529 savings plans, which were specifically created with tax advantages to help families save for future education. VSAC panelists Marilyn Cargill, vice president of financial aid services, marketing and research, and Richard Westman, VSAC’s manager of the VT529 program, will explain what a 529 plan is, how these programs work to help families save more easily, what 529 funds can be used for, and the tax benefits and advantages of the VT529 plan—including a special benefit for Vermont taxpayers, the Vermont income tax credit.
Some facts to get you started with 529 savings:
Saving now creates future education opportunities, leading to greater earnings.
Studies show that families who save even small amounts for college or training are 3 times more likely to attend and complete college or training. That’s important, because education after high school can mean greater opportunities for the future with more jobs at better earnings.
It’s easy, and even small amounts can really add up.
Because 529 plans, named after Section 529 of the Internal Revenue Code, can be opened with just $25, they’re accessible for families at most income levels. Even small amounts can add up over time, free of federal and state income taxes, growing as your child grows. Whether your child is an infant or a teen, now is the time to start. Plus, 529 savings can be used for graduate and adult education, too.
You get a Vermont income tax credit, and other tax benefits.
As Vermont’s official 529 college savings program, the Vermont Higher Education Investment Plan, also referred to as VT529, is the only 529 plan that gives Vermont investors a 10% state income tax credit on annual contributions: up to $250 per beneficiary account per year ($500 per beneficiary per year per account for joint filers) for Vermont taxpayers saving for education after high school.
Learn more about VT529 savings giveaways, events, or how to open or contribute to an account at vsac.org/save.
About VHEIP: The Vermont Higher Education Investment Plan, a 529 college savings plan, was established in 1999 and is Vermont’s only state-sponsored 529 plan and as such the only 529 plan eligible for the Vermont income tax credit on contributions. VHEIP is administered by the Vermont Student Assistance Corp. and managed by Intuition College Savings Solutions. For more information about setting up a VHEIP account, visit www.vheip.org or call the customer service center at (800) 637-5860.