Fees and Expenses

The following table describes the fees and expenses that you pay if you open and contribute to an account in VHEIP.

These fees are directly or indirectly paid out of the assets of your Account. Except for the fees listed below, there are currently no other fees, charges or penalties imposed by or payable to VSAC in connection with opening or maintaining an Account. The Board reserves the right to change the current fees, or to impose new or additional fees, expenses, charges or penalties in the future.

Fee Table

Investment Option	Estimated Underlying Mutual Fund Expenses	Plan Manager Fee (c)	State Issuer Fee (d)	Miscellaneous Fees	Total Annual Asset-Based Fees (e)	Other Fees
Managed Allocation Option	Included in the Plan Manager Fee	0.80%	None	None	0.80%	None
100% Equity Option		0.80%	None	None	0.80%	None
Interest Income Option		0.80%	None	None	0.80%	None

(a)	Account Owners are not subject to any additional charge to pay for the operating expenses of the Mutual Funds held in the Plan?s Mutual Fund Options ("Underlying Fund Expenses"). The amount of underlying fund expenses attributable to each Mutual Fund invested in such Mutual Fund Options (generally 0.07% - 0.58% of average daily net assets) is included within the Plan Manager Fee of 0.80% of the average daily net assets, so that the payment of the Underlying Fund Expenses include payment to the Plan Manager's affiliate(s) for investment advisory, administrative and other expenses. The range of the Underlying Fund Expenses is based upon information contained in the current prospectus of the TIAA-CREF Instituitional Mutual Funds.
(b)	Account Owners are not charged a State Fee.
(c)	Total Annual Asset-Based Fees are the total fees assessed against Accounts over the course of a year determined by adding together amounts in the prior columns. Please see the investment cost example chart below for the assumed investment cost of these fees over 1-, 3-, 5-, and 10-year periods.

Investment Cost Example

The example in the following table is intended to help you compare the cost of investing in the different Investment Options over various periods of time. This hypothetical example assumes that:

You invest $10,000 in an account for the time periods shown below.
Your investment has a 5 percent compounded return each year.
You withdraw the assets from your Account at the end of the specified periods for Qualified Higher Education Expenses.
Total annual asset-based fees remain the same as shown in the Fee Table above.
The example does not consider the impact of any potential state or federal taxes on the redemption.

Although your actual costs may be higher or lower, based on the above assumptions your costs would be:

Investment Options	Approximate Cost of $10,000 Investment
	One Year	Three Years	Five Years	Ten Years
Managed Allocation Option	$80	$250	$435	$969
100% Equity Option	$80	$250	$435	$969

Additional Fees
The table below provides information concerning additional fees and expenses deducted from each account/paid directly by the Account Owner.


	Percent	Dollars
Application Fee	0%	$0
Cancellation Fee	0%	$0
Change in Beneficiary	0%	$0
Change in Investment Options	0%	$0
Other Charges as Applicable	0%	$0

Tell a Friend

Let a friend know about the Vermont Higher Education Investment Plan.

Calculate Your
Savings Need

Compare College
Savings Options

Questions?
Call 1-800-637-5860

Vermont Student
Assistance Corp.

VSAC information & tools
personalized for you!

The tax information contained on the Vermont Higher Education Investment Plan (the Plan) Web site is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. It was written to support the promotion of the products and services addressed in the Web site. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

The Plan is administered by the Vermont Student Assistance Corp. (VSAC). TIAA-CREF Tuition Financing, Inc. (TFI) serves as Program Manager. TFI's affiliate, TIAA-CREF Individual & Institutional Services, LLC, is the distributor. The Plan Web site contains information about the Managed Allocation Option, 100% Equity Option and the Interest Income Option. Investment management for the Managed Allocation and 100% Equity Options is provided by TFI while investment management of the Interest Income Option is provided by VSAC.

The investment approaches described are not recommendations and do not take into consideration personal goals or preferences. After evaluating information you consider important in making an investment choice, the ultimate decision is up to you. It is a good idea to revisit your investment strategy periodically as your goals, personal financial situation, and market conditions change.

Consider the investment objectives, risks, charges and expenses before investing in the Plan. Please call toll-free 1-800-637-5860 for a Disclosure Booklet containing this information. Read it carefully.

Before investing in a 529 plan, you should consider whether the state you or your designated beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state's 529 plan.

The State of Vermont, its agencies, VSAC, TIAA-CREF Tuition Financing, Inc., Teachers Insurance and Annuity Association of America and its affiliates do not insure any Account in the Plan or guarantee its principal or investment return. Account value will fluctuate based upon a number of factors, including general market conditions.

The Plan Web site is for informational purposes only, and does not constitute an offer to sell or solicitation of an offer to buy any security that may be referenced on the site. Such offer or solicitation can be made only through the Disclosure Booklet.

The Plan Web site contains links to other Web sites. Neither the Plan nor TFI and its affiliates are responsible for the content of those other Web sites. The accuracy of information on those sites cannot be confirmed.