Holiday gift cards.

Holiday gift cards.

FRANKLIN COUNTY — ’Tis the season for gift-giving and VSAC’s new Gift of College gift card is a game-changer in giving a gift that makes a difference in a child’s future.

Vermont Student Assistance Corp., which oversees Vermont’s 529 college savings plan, is partnering with Giftofcollege.com, a registry for online gifts to 529 accounts, to supply the gift cards to Vermont locations of Kinney Drugs and Cumberland Farms.

“There’s no greater gift than the gift of education,” said Scott Giles, VSAC president and CEO. “As family and friends shop for the special children in their lives, these gift cards offer an easy and convenient way to contribute to a college fund—along with maybe a toy or game!”

“And no other gift card gains value through the years. Moreover, every dollar saved is a dollar not borrowed,” Giles said.

A 529 plan is an education savings plan designed to help families set aside funds for future college costs, with tax advantages to help make saving easier. The plans are named after Section 529 of the Internal Revenue Code, which created these types of savings plans in 1996.

Vermont’s 529 plan, the Vermont Higher Education Investment Plan, is the only savings program that qualifies for a 10% Vermont income tax credit on annual contributions or rollovers for college or training, including redemptions of Gift of College gift cards. Make your contribution to a new or existing VHEIP account by December 31 to be eligible for a 2019 Vermont income tax credit. Learn more about all the tax benefits here.

The VSAC Gift of College gift cards are available in $50 amounts and the purchaser pays a one-time service charge of $4.95. The recipient receives the entire $50 amount as a contribution to the 529 account. For those that want to make larger gifts to a friend or loved one’s college savings account, they can contribute directly to a VHEIP account by check or electronic funds transfer. For more information about all the ways to give with Vermont’s 529 college savings plan, visit vheip.org/give-a-gift.

Have a question about saving, planning, or paying for college or career training? Ask us! Find online info about saving for college, email us at info@vsac.org, or come see us Monday–Friday, 8 a.m.–4:30 p.m., at the VSAC Resource Center in Winooski.

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