The Vermont Statutes Online

Title 16 : Education

Chapter 087 : GRANTS, SCHOLARSHIPS, AND EDUCATION LOAN PROGRAMS

Subchapter 008 : VERMONT UNIVERSAL CHILDREN'S HIGHER EDUCATION SAVINGS ACCOUNT PROGRAM

• § 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.)