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 InMONTPELIER — With just days to go before the Democratic primaries, and a sitting governor and... Full StoryBOSTON — Red Sox manager John Farrell calls outfielder Rusney Castillo “an exciting, athletic... Full Story
- Most Popular
- Most Emailed
- TOMORROW'S HEADLINES TODAY: Will Rutland Plywood rebuild? Depends on the insurance settlement; Kevin O'Connor reports from the late U.S. senator Jim Jeffords' Friday funeral; state maps strategy to reduce prescription drug abuse.
- TOMORROW'S HEADLINES TODAY: Jim Jeffords' legacy, Brandon takes a few questions about proposed budget, beleaguered city playground likely to move, woman awakes to find strange man with knives standing at her bedside.
- TOMORROW'S HEADLINES TODAY: Former U.S. Senator James Jeffords dies Monday in Washington D.C., a local man is beaten and robbed while walking on West Street, Clarendon sets a tax rate and Brandon convenes an informational public meeting about its budget.
- RICHARD'S POOR ALMANACK: On this day in 1915, the New York World publishes scoop: Thom. Edison diverts chemical from war production to help German pharmaceutical company make aspirin; on this day in 1935, Will Rogers, Wiley Post die in Alaska plane crash.
- TOMORROW'S HEADLINES TODAY: State panel briefed on smuggling drugs into prisons; new French-German documentary about Vermont's heroin addiction; solar project at Vets Home falls apart; update dispute between Open Door Mission and treatment center.
- TODAY'S WEATHER MINUTE: Climatologists might not know as much about El Nino as they thought they knew. New studies show 10,000 years ago, El Nino was active, and polar ice sheets were rapidly melting — just like today.