What is the Gift of College gift card? VSAC, state administrator of the VHEIP program, is pleased to offer Gift of College gift cards in $50 amounts at the Vermont locations of Kinney Drugs and Cumberland Farms stores. Gift of College gift cards are a great way to get a recipient started with college savings and provide a meaningful way to acknowledge a birth or adoption, celebrate a birthday or other milestone, or give as a holiday gift for the education of a future student.
Where and how can I buy VSAC Gift of College cards? The two Vermont retailers offering $50 VSAC Gift of College cards are Kinney Drugs and Cumberland Farms. Specific store locations are listed on the Gift of College website Buy-In-Store link. If you cannot find the VSAC Gift of College cards in a particular Vermont Kinney Drugs or Cumberland Farms store, check with the store manager or an employee.
How do I redeem a Gift of College card into a VHEIP account? Any Gift of College gift card may be redeemed by selecting one of the buttons in the main page above.
- If you do not yet have a 529 plan account, you’ll first need to set up an account into which you can deposit your Gift of College funds. Click here to open a VHEIP account.
- If you already have a VHEIP 529 account, go to GiftofCollege.com/Register and create a profile.
- Add your VHEIP 529 account information to your profile by selecting Vermont Higher Education Investment Plan from the drop-down menu. Enter the account owner, number, and beneficiary name for the account into which you wish to redeem your gift. Save to your profile.
- Redeem your gift card by clicking the “My Profile” tab and selecting “Redeem Gift Card.” Select “Gift of College Gift Card” from the gift method drop-down menu, enter the gift card number and the gift card pin, and select the submit button.
- Your card will be redeemed for the Gift Card Amount shown, and funds will be sent to VHEIP for deposit into your account. Please allow up to 14 business days to see the deposit reflected in your VHEIP account.
Do Gift of College cards expire? No. There’s no expiration date on Gift of College cards.
I need help redeeming my gift card. Who can I contact? VHEIP college savings specialists can assist you with opening a VHEIP account. Contact us toll-free, Monday-Friday, 8am-7pm Eastern, at 1-800-637-5860. Or email VHEIPquestions@vheip.org.
If you have additional questions about the Gift of College registry and redemption steps, consult the FAQs at giftofcollege.com/Help/ or contact Gift of College at email@example.com or by phone Monday-Friday (8am-6pm MST or 11am-9pm EST) at 1-877-244-6630.
Is there a fee for the VSAC Gift of College card? There are no fees to the recipient of the gift. The gift card recipient receives the full face value. There is a nominal fee for purchasing the gift card. The buyer pays the face value ($50) plus a $4.95 purchase charge at checkout.
Does a Gift of College card qualify for the Vermont income tax credit? When the Gift of College amount is redeemed into a VHEIP 529 account, the contribution may become eligible for Vermont state income tax credit by the individual who redeems the card, subject to proper documentation, to the extent of their Vermont tax liability. It is the responsibility of any contributor and the VHEIP account owner to maintain records necessary to any questions from the Internal Revenue Service or the Vermont Department of Taxes related to contributions toward a VHEIP account. The purchase of the Gift of College card does not qualify for the Vermont income tax credit because the card purchase is not a direct deposit into a specific VHEIP account. To gift directly into a VHEIP account and potentially qualify for the Vermont tax credit, consider gifting by eGift, electronic funds, or by check. Learn more about gifting options. If the funds from a gift contribution are spent on something other than eligible postsecondary expenses, the Vermont tax credit is subject to “recapture” by the Vermont Department of Taxes. Learn more about the Vermont state income tax credit for VHEIP account contributions.
Gift of College gift cards can also be used for student loan repayment, including VSAC student loans, when the card is redeemed into a loan account at the Gift of College site. Note: Use of the gift card for student loan repayment means that the gift card amount is never deposited into a VHEIP account — and therefore is not eligible for Vermont or federal tax advantages or tax credits.
Can a Gift of College card be used for student loan repayment? Gift of College gift cards can also be used for student loan repayment, including VSAC student loans, when the card is redeemed into a loan account at the Gift of College site. Note: Use of the gift card for student loan repayment means that the gift card amount is never deposited into a VHEIP account — and therefore is not eligible for Vermont or federal tax advantages or tax credits.