Saving for College With VHEIP
SEPTEMBER IS COLLEGE SAVINGS MONTH
Enter for a chance to win $100 for college or training & other prizes!
In honor of National College Savings Month, VSAC is offering a drawing to encourage families to save for education after high school. Any Vermont resident or VHEIP account owner can enter for a chance at one of five (5) prize packages. Each winner will receive a $100 deposit into a new or existing VHEIP savings account, plus other prizes, including hoodies or sweatshirts from the Vermont State College System and vouchers or tickets for:
- sporting events at UVM
- Vermont State Parks & Vermont Historic Sites
- ECHO Lake Aquarium & Science Center
- Vermont Lake Monsters games
You do not need to open a VHEIP account to enter the drawing. View the official rules and sign up to enter the drawing during September.
Join us all fall, too, as we visit schools across the state to talk with families about the benefits of saving for future education and training. Check out our full season of events at the VHEIP website calendar.
Start saving with just $25.
For most families, saving enough to pay for the costs of higher education can seem overwhelming. But with a little planning, funding a college education can be easier to achieve than you might think. And research shows that saving even small amounts for college or training can make a difference in putting a child's future education within reach. With Vermont's state-sponsored 529 savings plan you can open an account with just $25 to start or give any amount as a gift.
Get a Vermont tax credit.
The Vermont Higher Education Investment Plan is the only savings program that qualifies for a 10% Vermont state income tax credit on qualified annual contributions for higher education (up to $250 per child per account, or $500 per child for joint tax filers). Contributions made by a Vermont taxpayer to any VHEIP account are eligible.
How does the new federal tax law impact 529 accounts?
The federal tax act of 2017, signed into law in December, includes provisions related to 529 plan accounts, beginning with the 2018 tax year. Read about the current details at www.vheip.org.
VHEIP QUICK FACTS
VHEIP ...
… is administered by VSAC for the state of Vermont
... has a low minimum contribution; open an account with just $25! Research shows that students from families who save even small amounts for education are three times more likely to go on to and complete college or other training.
... savings can be used at eligible higher education institutions throughout the U.S.—as well as many schools in Canada and around the world
... savings can be used for tuition and fees, room and board, books and supplies, and education expenses for students with special needs
… is the only 529 college savings plan that offers a Vermont state income tax credit on annual contributions
… gifts can be made to another person's VHEIP account. You do not have to own a VHEIP account to give a gift for a child or loved one. Learn more. Plus, gifts made by a Vermont taxpayer into any VHEIP account are eligible for the Vermont state income tax credit.