September is the perfect time to save for college
VSAC celebrates College Savings Month with 529 account prize packages
WINOOSKI (August 28, 2017)—September is National College Savings Month, an ideal time to open or add to a Vermont Higher Education Investment Plan account to get the maximum in savings and tax benefits. Plus this September, Vermont families get a chance at some great prizes as they create education opportunities for their children or loved ones.
To remind families about the importance of saving for college, Vermont Student Assistance Corp., which oversees the Vermont 529 college savings plan, is celebrating during the entire month by giving away five $100 college savings accounts and prize packages, including ski passes, tickets to college sports events at the University of Vermont and Vermont State Colleges, tickets to the Vermont Lake Monsters and passes to the Vermont State Parks and ECHO Lake Aquarium and Science Center.
Visit VSAC on Facebook at www.facebook.com/vermontstudentassistancecorporation to learn more or enter the drawing at vheip.org.
The Vermont Higher Education Investment Plan is Vermont’s official 529 college savings plan, and the only 529 plan that gives Vermont investors a state income tax credit on contributions. Which means that by contributing to your account, you can save now as you save for the future.
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). That’s a tax credit of up to $250 per beneficiary account per year ($500 per beneficiary per year for joint filers) for Vermont taxpayers.
Saving now can create opportunities that will last a lifetime. Research shows that children from families who save even as little as $500 are three times more to attend and complete college.
“Vermonters need to continue their education after high school to be qualified for jobs in Vermont’s new economy,” said Scott Giles, president and CEO of VSAC. “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 Vermont, the Vermont Higher Education Investment Plan has over 20,000 accounts worth over $320 million – all of which goes to pay for training and education after high school. Since 1999, more than 5,500 students have used over $133 million from the plan to pay their education expenses.
Winning entries submitted online at www.vheip.org will be randomly selected by VSAC. Winners will receive $100 in a VHEIP college savings account along with two tickets to one of the following ski areas: Jay Peak, Smugglers Notch, Sugarbush, Killington or Stratton. Winning entries will also receive tickets to sporting events at one of the Vermont State Colleges, University of Vermont, Vermont Lake Monsters, as well as passes to the Vermont State Parks and ECHO Lake Aquarium and Science Center. Full details are available at www.vheip.org.
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.
About VSAC – Changing Lives through Education and Training since 1965
Vermont Student Assistance Corporation is a public, nonprofit agency established by the Vermont Legislature in 1965 to help Vermonters achieve their education and training goals after high school. VSAC serves students and their families in grades 7-12, as well as adults returning to school, by providing education and career planning services, need-based grants, scholarships and education loans. VSAC has awarded more than $600 million in grants and scholarships for Vermont students, and also administers Vermont’s 529 college savings plan. Share your VSAC story by email to myVSACstory@vsac.org or submit a video to YouTube. Find us at www.vsac.org or check in on Facebook and Twitter. #changing lives