§ 2880. Definitions
As used in this subchapter:
(1) “Approved postsecondary education institution” means any institution of postsecondary
education that is:
(A) certified by the State Board of Education as provided in section 176 or 176a of this title;
(B) accredited by an accrediting agency approved by the U.S. Secretary of Education pursuant
to the Higher Education Act;
(C) a non-U.S. institution approved by the U.S. Secretary of Education as eligible for
use of education loans made under Title IV of the Higher Education Act; or
(D) a non-U.S. institution designated by the Corporation as eligible for use of its grant
awards.
(2) “Committee” means the Vermont Universal Children’s Higher Education Savings Account
Program Fund Advisory Committee.
(3) “Corporation” means Vermont Student Assistance Corporation.
(4) “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.
(5) “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.
(6) “Program” means the Vermont Universal Children’s Higher Education Savings Account
Program.
(7) “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.
(8) “Program Fund” means the Vermont Universal Children’s Higher Education Savings Account
Program Fund.
(9) “Vermont Higher Education Investment Plan” or “Investment Plan” means the plan created
pursuant to subchapter 7 of this chapter.
(10) “Vermont resident” means an individual who is domiciled in Vermont as evidenced by
the individual’s intent to maintain a principal dwelling place in Vermont indefinitely
and to return there if temporarily absent, coupled with an act or acts consistent
with that intent. A minor is a Vermont resident if his or her parent or legal guardian
is a Vermont resident, unless a parent or legal guardian with sole legal and physical
parental rights and responsibilities lives outside the State of Vermont. (Added 2015, No. 45, § 2; amended 2019, No. 131 (Adj. Sess.), § 108.)