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VSAC Streamlines Use of Education Savings Funds with Prepaid Debit Card
Debit Card Allows Students to Seamlessly Charge Eligible Expenses to Their VT529 Accounts
Winooski, VT, October 26, 2023 – Students and parents may now draw upon their VT529 education savings with a VT529 Mastercard debit card, which will allow account users more flexibility in using the funds they have saved for college or training.
The debit card makes it easier for students or parents to charge items online or in store directly to their education savings accounts. Eligible expenses include tuition, textbooks, supplies, and for students who live off-campus, living expenses such as rent. Account Owners (often family members) may easily review and track card expenditures on the user portal.
“I ordered the VT529 debit card because it will be a helpful way to pay my daughter’s expenses as she heads off to college,” noted Katie Orost, a parent who lives in Johnson. “We’ve saved for her education and anticipated this transition for a long time. This debit card will help us move money from afar in the smoothest way possible.”
For example, a student could use the VT529 Prepaid Mastercard to pay for their books. Or a parent may use the VT529 Prepaid Mastercard to pay a child’s rent while they attend college or a training program. All account expenditures are reflected in their VT529 portal, streamlining the process without having to track down receipts or organize statements.
“We look forward to providing families greater accessibility in managing their college savings funds,” said Scott Giles, VSAC President and CEO. “Account owners can now seamlessly manage their VT529 card as an extension of their VT529 account using a single login.”
VT529 is Vermont’s official education savings plan. VT529 is the only savings plan that allows for a 10% Vermont state income tax credit of up to $500 on qualified annual contributions for higher education. Anyone may open a VT529 account for just $25. VT529 is administered by VSAC for the State of Vermont, and managed by Catalis, a leading provider of government solutions.
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About VSAC: Vermont Student Assistance Corporation is a public, nonprofit agency established by the Vermont Legislature in 1965 to help Vermonters achieve their education and training goals after high school. VSAC serves students and their families in grades 7-12, as well as adults returning to school, by providing education and career planning services, need-based grants, scholarships, and education loans. VSAC awards millions of dollars in grants and scholarships for Vermont students and administers Vermont’s VT529 savings plan. Find us at www.vsac.org or check out Facebook, Instagram, LinkedIn, and Twitter.