Vermont Statutes Title 16 Sec. 2879
Terms Used In Vermont Statutes Title 16 Sec. 2879
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means Vermont Student Assistance Corporation. See
- Investment Plan: means one or more plans created pursuant to this subchapter. See
- Participant: means a person who has entered into a participation agreement pursuant to this subchapter intended for the payment of qualified postsecondary education costs on behalf of a beneficiary. See
- Participation agreement: means an agreement between a participant and the Corporation, pursuant to and conforming with the requirements of this subchapter. See
- Qualified postsecondary education costs: means the costs of tuition and fees for attendance at an approved postsecondary education institution, and other qualified higher education expenses as provided under 26 U. See
§ 2879. Investment and payments
All money paid by a participant in connection with a participation agreement shall be credited to the participant’s account as received, held by the Corporation in trust for the benefit of the participant, and shall be promptly invested by the Corporation as selected by the participant from the investment options available under the participation agreement. Contributions and earnings accumulated in a participant’s Investment Plan account may be used as provided in the participation agreement, including for payments of qualified postsecondary education costs. The trust shall continue in existence as long as it holds any funds belonging to a participant. (Added 1997, No. 79 (Adj. Sess.), § 1, eff. July 1, 1997; amended 2001, No. 58, § 4, eff. June 16, 2001; 2019, No. 154 (Adj. Sess.), § E.605.4, eff. Oct. 2, 2020.)