Good news for Vermonters looking to save money sending their children to college. For families enrolled in Vermont's 529 College Savings Plan, those savings will be a little bit greater after an announcement Wednesday at the Statehouse.
The Vermont Higher Education Investment Plan allows thousands of Vermonters to put money tax-free into an account for long-term savings to one day pay for college. Families pay a program fee, but after 15 years in service, the program is now able to lower that cost.
"Vermonters have now saved a total of $225 million in the savings plan. As a result of hitting that milestone, under the contract we have with TIIAA-CREF, they will be reducing the fees on all of those plans," said Scott Giles, the president of VSAC.
VSAC officials estimate the reduced fees will save Vermont families enrolled in the program a combined total of $100,000 a year. Officials could not say how much the average family would actually save.
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