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VSAC launches first gift cards for Vermont’s 529 plan
$50 ‘Gift of College’ cards available at Kinney Drugs, Cumberland Farms
WINOOSKI (November 18, 2019) — ’Tis the season for gift-giving and VSAC’s new Gift of College gift card is a game-changer in giving a gift that makes a difference in a child’s future.
Vermont Student Assistance Corp., which oversees Vermont’s 529 college savings plan, is partnering with Giftofcollege.com, a registry for online gifts to 529 accounts, to supply the gift cards to Vermont locations of Kinney Drugs and Cumberland Farms.
“There’s no greater gift than the gift of education,” said Scott Giles, VSAC president and CEO. “As family and friends shop for the special children in their lives, these gift cards offer an easy and convenient way to contribute to a college fund—along with maybe a toy or game!”
“And no other gift card gains value through the years. Moreover, every dollar saved is a dollar not borrowed,” Giles said.
A 529 plan is an education savings plan designed to help families set aside funds for future college costs, with tax advantages to help make saving easier. The plans are named after Section 529 of the Internal Revenue Code, which created these types of savings plans in 1996.
Vermont’s 529 plan, the Vermont Higher Education Investment Plan, is the only savings program that qualifies for a 10% Vermont income tax credit on annual contributions or rollovers for college or training, including redemptions of Gift of College gift cards. Make your contribution to a new or existing VHEIP account by December 31 to be eligible for a 2019 Vermont income tax credit. Learn more about all the tax benefits here.
The VSAC Gift of College gift cards are available in $50 amounts and the purchaser pays a one-time service charge of $4.95. The recipient receives the entire $50 amount as a contribution to the 529 account. For those that want to make larger gifts to a friend or loved one’s college savings account, they can contribute directly to a VHEIP account by check or electronic funds transfer. For more information about all the ways to give with Vermont’s 529 college savings plan, visit vheip.org/give-a-gift.
Have a question about saving, planning, or paying for college or career training? Ask us! Find online info about saving for college, email us at firstname.lastname@example.org, or come see us Monday–Friday, 8:00 am–4:30 pm, at the VSAC Resource Center in Winooski.
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