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 InTOMORROW'S HEADLINES TODAY: Rutland Free Library director Paula Baker will retire at the end of the year, state Senate will vote on new minimum wage legislation and Bennington College graduates win Pulitzer Prizes for fiction and biography. 0Rutland Herald News Editor Alan Keays and staff writer Brent Curtis discuss some of the stories... Full Story
- Most Popular
- Most Emailed
- TODAY'S WEATHER MINUTE: Rutland Herald content editor Rich Alcott shares local weather information and easily digestible news tidbits.
- TODAY'S WEATHER MINUTE: Dresden firebombing helped bring Nazis to knees, killed at least 25,000 civilians, men, women, children, dogs, cats; Veena in Sitka, BIG NEWS FLASH! Old guys get grumpy with age.
- TOMORROW'S HEADLINES TODAY: Update on Center Alley project, review of opiate talk evening at the library and aldermen want kids to wear helmets while riding bikes around town.
- TODAY'S WEATHER MINUTE: Flood watch in effect for Rutland County, developing El Nino shaping up to be extreme this year, Don DeLillo on the season's warming trend and Veena catches digital sniffles, all in today's minute.
- TOMORROW'S HEADLINES TODAY: Dramatic river rescue in Southern Vermont, Castleton moving ahead on sale of old town office building, Passover celebrated in Woodstock.
- TOMORROW'S HEADLINES TODAY: Woodstock Ave. lane reconfiguration trial will go forward despite resistance, Rutland city engineer decamps for greener pastures in flatlands, technology changes the way many people file tax returns.