WINOOSKI — For each of the next five weeks, two students and their families will win $50 in takeout from their favorite local restaurant or food business.
And everyone who participates will be entered into a drawing for 9 college savings accounts worth $200 from Vermont’s 529 college savings plan, sponsored by the Vermont Student Assistance Corp.
That’s 5 weeks, 2 weekly takeout winners, and 9 college savings plans: 5-2-9.
The 5-2-9 giveaway runs from Sept. 21 to Oct. 23.
One additional grand prize winner will win $529 in education savings.
Why 5-2-9? Just about any job requires some form of education, and Vermont’s 529 savings plan can help families pay for that training.
VSAC has created the “802 Future You” promotion, which kicks off during National College Savings Month, to inspire students and families to get started with the VT 529 savings plan as they prepare for a bright future.
VSAC encourages families to take a step in their education planning by either learning about 529 savings, opening an account, or contributing to an existing account.
Students in grades kindergarten through sixth are encouraged to pull out your markers, pencils, or crayons, and draw VSAC a picture of a job you are curious about.
Then, ask an adult to upload it to Facebook, Twitter or Instagram with your first name only and grade level and tag: @802VSAC and #802FutureYou
Each week from submitted drawings, VSAC will select two random winners for $50 in takeout from their favorite local food establishment.
After Oct. 23, VSAC will randomly select 9 lucky entries to win $200 in college savings with Vermont 529 college savings plan, and one more will win $529 in college savings.
Whatever jobs or career paths you are curious about, here are 3 good reasons why saving now for future college or training makes sense:
#1. Saving for college creates future education opportunities, and more education can lead to greater earnings.
Completing education and training after high school can mean greater opportunities for the future with more jobs at better earnings. And studies show that families that save even small amounts for college or training are 3 times more likely to attend and complete college or training.
#2. It’s easy, and even small amounts can really add up.
Because 529 plans, named after Section 529 of the Internal Revenue Code, can be opened with just $25, they’re accessible for families at most income levels. And if a family starts saving $25 a month at birth, the money could grow to almost $10,000 by the time that child is ready to graduate high school.
#3. Get a Vermont income tax credit.
As Vermont’s official 529 college savings program, the Vermont Higher Education Investment Plan is the only 529 plan that gives Vermont investors a state income tax credit on annual contributions: 10% of the first $2,500 contributed per beneficiary, per year ($5,000 contributed per beneficiary, per year, for spouses filing jointly). That’s a tax credit of up to $250 per beneficiary account per year ($500 per beneficiary per year per account for joint filers) for Vermont taxpayers saving for education after high school.
To learn more about 529 saving, or to open or contribute to an account at vsac.org/802FutureYou
Below are the official rules for VSAC’s “802 Future You”
1. Vermont families with children in grades kindergarten through sixth who use #802futureyou and tag @802VSAC on social media between September 21 through October 23, 2020, will be entered in the following:
>On each Friday, VSAC will randomly select 2 posts to win a $50 takeout of their choice.
>By November 30, VSAC will randomly select from all entries posted between September 21 through October 23, 2020: 9 individuals to win $200 into a VHEIP Savings Plan, and one individual to win a $529 deposit into a VHEIP Savings Plan.
2. To be eligible to enter, you must be the grandparent, parent, or guardian of a child in grades K-6 and a Vermont resident.
3. Each individual is limited to one entry.
4. Each week’s winners will be selected from all eligible entries by random selection.
5. VSAC will arrange payment with the selected food vendor and the winner will arrange pickup or delivery with the vendor.
6. No transfers, cash redemptions, or substitutions allowed.
7. The number of eligible entries will determine the odds of winning.
8. VSAC employees and their immediate families and household members are not eligible for the drawing.
9. By entering the drawing, you agree to allow VSAC to retweet or share your post on its social media sites.