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.
- Most Popular
- Most Emailed
- RICHARD'S POOR ALMANACK: V-2 No. 13, launched this day in 1946 from White Sands, New Mexico, takes first photographs of Earth from the edge of the planet's outer atmosphere; 1947: Walt Disney testifies before HUAC, names employees he says are communists.
- TOMORROW'S HEADLINES TODAY: Vermont's brand discussed at Killington, state's attorney candidates Marc Brierre and Rose Kennedy profiled, Curtis reports about Rutland police chief's new job, and four arrested, charged for heroin, crack sales.
- RICHARD'S POOR ALMANACK: On this day in 1935, New York gangster, bootlegger, ruthless murderer Dutch Schultz, born Arthur Flegenheimer to Jewish-German immigrant parents, and three associates gunned down, killed, at the Palace Chophouse in Newark, N.J.
- RICHARD'S POOR ALMANACK: Acclaimed illusionist & escape artist Harry Houdini, performing in Montreal in 1926, is sucker-punched by a McGill University student. Houdini doesn't know he has peritonitis - the punches are possible factor in his Oct. 31 death.
- TOMORROW'S HEADLINES TODAY: Rutland Police Chief James Baker to resign from the force at the end of the year to take a job in Washington, D.C., jury remains out in teacher killing murder trial, Rec Dept. releases report on what's wrong with White's Pool.
- RICHARD'S POOR ALMANACK: Well diggers in Cardiff, New York, find what is thought to be the petrified body of a 10-foot-tall man, perfectly preserved after thousands of years, which becomes a popular roadside attraction until proven to be a fake.