§ 2877. Vermont Higher Education Investment Plan created
(a) There is created a program of the State to be known as the Vermont Higher Education Investment Plan to be administered by the Vermont Student Assistance Corporation as an instrumentality of the State.
(b) In order to establish and administer the Investment Plan, the Corporation, in addition to its other powers and authority, shall have the power and authority to:
(1) Develop and implement educational programs and related informational materials for participants and their families. Special efforts shall be made to contact families with young children and to reach individuals whose access to higher education opportunities has been limited.
(2) Enter into agreements with any institution of postsecondary education, the State or any federal or other agency or entity as required for the operation of the Investment Plan pursuant to this subchapter.
(3) Accept any grants, gifts, legislative appropriations, and other moneys from the State, any unit of federal, State, or local government or any other person, firm, partnership, or corporation for deposit to the account of the Investment Plan.
(4) Invest the funds received from participants in appropriate investment vehicles, including education loans made by the Corporation.
(5) Enter into participation agreements with participants.
(6) Develop and use two or more types of participation agreements to provide a range of investment structures.
(7) Make payments to institutions of postsecondary education on behalf of beneficiaries pursuant to participation agreements.
(8) Make refunds to participants upon the termination of participation agreements pursuant to the provisions, limitations, and restrictions set forth in this subchapter and the rules and regulations adopted by the Corporation.
(9) Make provision for the payment of costs of administration and operation of the Investment Plan subject to the limitations on charges on participation agreements established in subdivision 2878(5) of this title.
(10) Adopt rules and regulations to implement this subchapter in conformance with the Internal Revenue Code and other applicable law.
(11) Effectuate and carry out all of the powers granted by this subchapter, and have all other powers necessary to carry out and effectuate the purposes, objectives, and provisions of this subchapter pertaining to the Investment Plan Program, including the power to:
(A) carry out studies and projections in order to advise participants regarding present and estimated future postsecondary education costs and levels of financial participation in the Plan required in order to enable participants to achieve their educational funding objectives; and
(B) procure insurance, guarantees, or other protections against any loss in connection with the assets or activities of the investment plan. (Added 1997, No. 79 (Adj. Sess.), § 1, eff. July 1, 1997; amended 2001, No. 58, § 4, eff. June 16, 2001; 2013, No. 92 (Adj. Sess.), § 190, eff. Feb. 14, 2014.)