Vermont Statutes Title 16 Sec. 2880e
Terms Used In Vermont Statutes Title 16 Sec. 2880e
- Approved postsecondary education institution: means any institution of postsecondary education that is:
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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
- Eligible child: means a minor who is a Vermont resident at the time the Corporation deposits or allocates funds pursuant to this subchapter for his or her benefit. See
- Investment Plan: means the plan created pursuant to subchapter 7 of this chapter. See
- Month: shall mean a calendar month and "year" shall mean a calendar year and be equivalent to the expression "year of our Lord. See
- Postsecondary education costs: means the qualified costs of tuition, fees, and other expenses for attendance at an institution of postsecondary education, as defined in the Internal Revenue Code of 1986, as amended, together with the regulations promulgated under that Code. See
- Program: means the Vermont Universal Children's Higher Education Savings Account Program. See
- Program beneficiary: means an individual who is or who was at one time an eligible child for whom the Corporation deposited or allocated funds pursuant to this subchapter and who has not yet attained 29 years of age or, for national service program participants, the extended maturity date. See
- Program Fund: means the Vermont Universal Children's Higher Education Savings Account Program Fund. See
§ 2880e. Withdrawal of Program funds
(a) Subject to the provisions of this section, the Investment Plan requirements under subchapter 7 of this chapter, and the rules, policies, and procedures adopted by the Corporation, a Program beneficiary shall be entitled to Program funds deposited or allocated by the Corporation for his or her benefit if:
(1) the beneficiary has attained 18 years of age or has enrolled full-time in an approved postsecondary education institution;
(2) the Corporation has sufficient proof that the beneficiary was an eligible child at the time the deposit or allocation was made;
(3) the funds are used for postsecondary education costs and made payable to an approved postsecondary education institution on behalf of the beneficiary; and
(4) the withdrawal is made prior to the beneficiary’s attaining 29 years of age, provided that for a beneficiary who serves in a national service program, including in the U.S. Armed Forces, AmeriCorps, or the Peace Corps, each month of service shall increase the maturity date by one month.
(b) If a Program beneficiary does not use all of the funds deposited or allocated by the Corporation for his or her use prior to the maturity date, the beneficiary shall no longer be permitted to use these funds and the Corporation shall unallocate the unused funds from the beneficiary within the Program Fund.
(c) This section shall not apply to withdrawal of funds that are contributed to an Investment Plan account opened for the benefit of the account’s beneficiary under subsections 2880d(a) and (b) of this title and that are not Program funds deposited or allocated by the Corporation. (Added 2015, No. 45, § 2.)