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Save for college & training with VT529
September is College Savings Month!
Create opportunities for their future. National College Savings Month highlights the importance of saving to help families prepare for their children's education goals. Just about any job your loved ones aspire to will require some form of education after high school.
As Vermont's official 529 savings plan, VT529 offers an easy way for parents, grandparents, and friends to help families pay for that training ... with state and federal tax benefits to help your savings grow.
Whether your child (or grandchild) is an infant or just starting school, or already in high school or college, VT529 can help them reach their future goals. Read our blog to learn more.
4 easy ways to save
Celebrate holidays, birthdays or special occasions with VT529 savings.
- Open a NEW account.
- Add to an EXISTING account owned by someone else.
- Purchase or redeem a Gift of College gift card.
- Account owners: Invite others to give a gift to your VT529 accounts via eGift.
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 beneficiary account, or $500 per beneficiary account for joint tax filers).
VT529 funds can be used for apprenticeships and student loan repayment, too. Vermont tax law has been updated to add two new allowable uses of funds withdrawn from a VT529 account without adverse impact on the Vermont income tax credit: (1) for apprenticeship programs registered and certified with the U.S. Secretary of Labor and (2) for repayment of up to $10,000 per the lifetime of a beneficiary in student loans for post-secondary education at an approved postsecondary education institution. See the news video and watch the recent "You Can Quote Me" segment from May 29 with VSAC President Scott Giles. (Updates to the VHEIP tax credit information on the VT Tax website are in process.)
VT529 QUICK FACTS
For most families, saving enough to pay for the costs of higher education can seem overwhelming. But with planning, helping to pay for a college education and other training can be easier to achieve than you might think. Every dollar saved today will help you reduce what you may need to borrow later on. And research shows that saving even small amounts for college or training can make a difference in putting a child's future opportunities within reach.
VT's Higher Education Investment Plan ...
… is administered by VSAC for the state of Vermont. VHEIP is now also referred to as VT529.
... 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., including apprenticeship programs—as well as for 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
... savings can be used for repayment of up to $10,000 per the lifetime of a beneficiary in student loans for post-secondary education
… 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.