Change to VHIEP will reduce feesJanuary 30,2014Change to VHIEP
will reduce fees
Families that use the state’s 529 college savings plan will soon be able to save just a little bit more.
The 14,000 account holders with the Vermont Higher Education Investment Plan (VHIEP) will see a reduction in the amount of fees they have to pay under the program. The change is projected to save account holders approximately $100,000 annually.
Nearly every state offers some sort of 529 college savings plan, which is named after the provision in the IRS tax code that allows states to offer tax incentives to save for college. Vermont provides a nonrefundable tax credit of 10 percent of the first $2,500 contributed per beneficiary, per year.
VHIEP, which began in 1999, has $225 million in assets. To date, 3,470 students have used more than $78 million from VHEIP accounts to pay for education or training after high school.
In 2012, $36 million was invested into VHEIP, with about $1.8 million realized in tax credits.
VHEIP accounts can be started with as little as $25. For more information, visit www.vheip.org or call (800) 637-5860.MORE IN This Just InSPRINGFIELD — A man accused of killing a West Haven father and son died in the Springfield... Full Story
- Most Popular
- Most Emailed
- TODAY'S WEATHER MINUTE: Scientists call for more research on the temporal and lasting effects of nuclear fallout on plants and animals in proximity to Japan’s Fukushima-Daiichi nuclear power station where changes at the molecular level were found.
- RICHARD'S POOR ALMANACK: On this day in 410 CE, Visigoths sack Rome and it isn't the first time, either; in 1859, Titusville, Pa., the first commercially viable oil well comes in; in 1918, the only World War I battle fought on U.S. soil in Nogales, Ariz.
- TODAY'S WEATHER MINUTE: Archaelogists uncover artifacts proving that late neolithic Egyptians, pre-dating the Pyramids of Giza, practiced mummification to prepare their dead for the afterlife, far earlier than presupposed.
- TODAY'S WEATHER MINUTE:Chemicals used in hydraulic fracturing that pollute ground water and the air we breathe come under scrutiny by researchers who find at least eight fracking chemicals toxic to mammals.
- TODAY'S WEATHER MINUTE: The craze for Omega-3 fatty acids as a dietary supplement in its most popular form, fish oil, has led to depletion of fish stocks in oceans throughout the world. Is this the beginning of the total collapse of global fisheries?
- TOMORROW'S HEADLINES TODAY: Suspects arrested in Killington bear death, Bryanna Allen and Kevin O'Connor report along the Back to School front, Rutland Plywood site remains an active fire scene as debris continues to smolder.