The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
008
:
VERMONT UNIVERSAL CHILDREN'S HIGHER EDUCATION SAVINGS ACCOUNT PROGRAM
(Cite as: 16 V.S.A. § 2880e)
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§ 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.)