VEST account benefits may be withdrawn in order to pay for the beneficiary's tuition, required fees, certain room and board costs (for students who are enrolled at least half time) and required books, supplies and equipment, including computers if required, and special needs services.
Where it can be used
VEST account distributions can be used at any eligible educational institution, which includes any accredited college, university, graduate school, for-profit vocational or technical school that is eligible to participate in U.S. Department of Education student financial aid programs. Account owners and beneficiaries may determine the eligibility of a specific higher education institution by visiting the following web site: www.fafsa.ed.gov.
Who is eligible
There are no age restrictions with a VEST account, although the beneficiary must have been born at the time the account is opened. If you are 55 years old, and decide you want to go to college when you are 60, you can open a VEST account and start saving for yourself. The account owner does not have to be related to the beneficiary. Account owners and beneficiaries must be U.S. citizens or legal residents.