Vermont 529 Day!
VSAC to open college savings accounts for babies born on 529 Day
Plus, all Vermonters can enter a drawing for $529 in college savings!
Lucky babies born May 29 in Vermont will receive $100 deposit into Vermont’s 529 college savings account, opened for the child by the Vermont Student Assistance Corp.
The Vermont Association of Hospitals and Health Systems is joining VSAC, which administers Vermont’s 529 college savings plan, to help educate Vermont families about saving for college for their children.
“Vermont’s hospitals are deeply rooted in the communities they serve, providing excellent health care and improving the quality of life of Vermonters,” said VAHHS President and CEO Jeffrey Tieman. “Our partnership with VSAC on 529 Day is yet another opportunity to make our state a better place to live, work and play.”
Research shows that children with college savings are three times more likely to attend college and four times more likely to graduate than children with no college savings.
“College savings accounts are clearly a powerful tool,” said Scott Giles, president and CEO of VSAC. “We want to encourage parents to open a VHEIP account and get started early to save for college. The ideal time to begin saving is between birth and age 5 in order to allow your investment to build over time.”
Also, parents of newborns can encourage family and friends to contribute to their child’s VHEIP account through e-gifting. “Family and friends can make significant contributions to a child’s college savings account over time through birthday, holiday and graduation gifts,” Giles said. E-gifting makes it easy to contribute to a VHEIP account online and the valuable gift will last a lifetime.
But babies aren’t the only ones who can get in on the celebration. In honor of National 529 Day, any Vermont resident or VHEIP account owner can enter a drawing during the month of May for a chance at a $529 deposit into a new or existing VHEIP college savings account. To find out more and sign up for the drawing, go to vheip.org/open-account/.