Vermont 529 College Savings Plan – Vermont Higher Education Investment Plan
Vermont 529 College Savings Plan
About: The Vermont Higher Education Investment Plan is Vermont’s official 529 college savings plan. Since VHEIP began in 1999, it has helped thousands of Vermont students (and parents/relatives) of all ages and incomes go to college or continue in other post-high school programs. VHEIP is the only 529 college savings plan that offers Vermont taxpayers a VT state income tax credit on annual contributions.The Vermont Student Assistance Corporation sponsors VHEIP for the state of Vermont, and has done so since the Plan was created.
Phone #: 1-800-637-5860
Investment Options: The Managed Allocation Option contains 6 portfolios of underlying mutual funds for the Vermont Higher Education Investment Plan. Contributors can also choose from among 5 multi-fund options (Diversified Equity Portfolio, Equity Index Portfolio, Balanced Portfolio, and the Fixed Income Portfolio, and the Treasury Obligations Portfolio). Contributions are managed by Mutual funds from TIAA-CREF, Vanguard. DFA, and the Federated Treasury Obligations Fund.
Tax Benefits: Contributions to the Vermont 529 plan of up to $2,500 per beneficiary per year by an individual, and up to $5,000 per beneficiary per year by married taxpayers who each make their own contributions, are eligible for a 10% tax credit against Vermont income tax. The principal portion of a rollover from another 529 plan is eligible for the credit, provided the funds remain in the account for the remainder of the taxable year
State Residency Requirements: No state residency is required to participate in Vermont 529 College Savings Plans.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ to 25% back that is credited to your account. There are more than 600 online retailers, including Target and more, which will give you rewards that can be used for college and tuition expenses.
The beauty of the Upromise program is that you save money for college by simply shopping at the normal stores you visit every day. Upromise was created in partnership with Sallie Mae and is designed to help save for education costs.