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

• § 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.)