(1) "Beneficiary" means any individual designated by a participation agreement to benefit from payments for postsecondary education costs at an institution of postsecondary education.

(2) "Benefits" means the payment of qualified postsecondary education costs on behalf of a beneficiary by the Corporation's Investment Plan during the beneficiary's attendance at an institution of postsecondary education.

(3) "Corporation" means Vermont Student Assistance Corporation.

(4) "Internal Revenue Code" means the federal Internal Revenue Code of 1986, as amended, together with the regulations promulgated thereunder.

(5) "Postsecondary education costs" means the qualified costs of tuition and fees and other expenses for attendance at an approved postsecondary education institution.

(6) "Approved postsecondary education institution" means a postsecondary education institution as defined in section 2822 of this title.

(7) "Vermont Higher Education Investment Plan" or "Investment Plan" means the program created pursuant to this subchapter.

(8) "Participant" means a person who has entered into a participation agreement pursuant to this subchapter for the advance payment of postsecondary education costs on behalf of a beneficiary.

(9) "Participation agreement" means an agreement between a participant and the Corporation, pursuant to and conforming with the requirements of this subchapter. (Added 1997, No. 79 (Adj. Sess.), § 1, eff. July 1, 1997; amended 2001, No. 58, § 4, eff. June 16, 2001; 2019, No. 51, § 16, eff. Jan. 1, 2019.)