You win the right to name a beneficiary who will receive a $50,000 college scholarship through the VCSP’s Virginia Education Savings Trust (VEST) program (the Match 3 Scholarship Prize Account). You can name yourself as the beneficiary or anyone else who is living and is either a U.S. citizen or legal resident alien. The VCSP will own and administer the Match 3 Scholarship Prize Accounts.

The Match 3 Scholarship Prize Account (which will include the $50,000 opening account balance, plus any earnings on the account) may be used to pay for college tuition, fees, required books, supplies and equipment. Room and board is not an allowable expense under Section 117 of the Internal Revenue Code, which defines qualified (non-taxable) scholarships.

No. The money does not have to be used at a Virginia school . The money can be used at any eligible educational institution worldwide. The school must be accredited and eligible to participate in a U.S. Department of Education financial aid program. Eligible educational institutions include technical and trade schools, community colleges and universities.

All Match 3 College Scholarship Prize winners are encouraged to seek tax advice from an attorney or tax advisor concerning potential tax consequences. Each winner or designated beneficiary will be responsible for any taxes owed as a result of winning a prize in this Sweepstakes. Tax consequences, if any, will not be determined until the funds, and earnings, if any, are disbursed. If the use of the funds meets all requirements of Section 117 of the Internal Revenue Code, there should be no federal income tax due.

The Virginia Lottery will notify you if you are a winner. At that time, the Lottery will provide specific information about the process. Scholarship winners must complete a claim form which will require proof of U.S. citizenship or legal residence. Also, scholarship winners must be 18 or older to claim.

Once a winner has claimed the Match 3 College Scholarship Prize, the winner will work with the Virginia College Savings Plan to designate a beneficiary for the Match 3 Scholarship Prize Account. The winner may designate himself or herself as the beneficiary, or name another living person who is a U.S. citizen or a legal resident alien as the beneficiary. The Virginia College Savings Plan will own and administer the account. There is no waiting period for using the benefits once the Match 3 Scholarship Prize Account is established, if the beneficiary is enrolled or about to enroll in an eligible educational institution, as defined in Section 529 of the Internal Revenue Code.

You and the scholarship beneficiary (if you have designated someone else as the beneficiary) must both be either a U.S. citizen or a legal resident alien with a valid U.S. Social Security number.

Yes. The second-chance drawing winner may name a beneficiary based on the requirements set forth by the Virginia College Savings Plan. The beneficiary may be under the age of 18, but must be living at the time he or she is named as the beneficiary.

Yes. You must keep each Match 3 ticket entered over the Internet or by text. You must present the actual ticket to claim the prize. If you do not have the actual ticket, you cannot claim the prize.

The deadline to enter the second-chance drawing is March 3, 2009. The drawing will be conducted on March 4. The Lottery will attempt to notify winners within 24 hours of the drawing.

Winners will be posted on the Lottery’s Web site after they have been notified. (It might take a week or so before names appear on the Web site.) Names will not be made public until all winners have been notified. If you are a winner, you will be contacted by the same method in which you entered and by U.S. mail.

Yes. There is no requirement that you must be attending school full-time.

Yes. You can use the scholarship as long as you are attending an eligible educational institution, as defined in Section 529 of the Internal Revenue Code, which means an educational institution that is accredited and is eligible to participate in federal financial aid programs. You can use the scholarship at proprietary and trade schools, as well as at community colleges and universities.

A beneficiary who has not yet completed high school will have ten years from the date of projected high school graduation to use the benefits. A beneficiary who has completed high school when he or she is designated as the beneficiary will have ten years from the date the account is opened to use the benefits. After those time periods expire, if the benefits have not been used, then the Virginia College Savings Plan will pay any remaining balance to the beneficiary. At that time the beneficiary will need to determine the tax treatment of the payment. A beneficiary must be designated within 180 calendar days from the Match 3 Sweepstakes drawing date.

The Virginia College Savings Plan will consider requests to change the beneficiary of the scholarship and will make that decision, in its sole discretion, based on the facts and circumstances of each case.  There may be tax implications with any change in beneficiary.

Yes.  You may initially divide the scholarship amount among different beneficiaries.  Remember that the beneficiary does not have to be your child or a relative.  The Virginia College Savings Plan reserves the right to limit the total number of beneficiaries named by any one winner.

No.  Winners cannot claim this scholarship prize as cash. If the benefits are not used following the ten-year periods described above, any remaining balance in the Match 3 Scholarship Prize Account will be paid to the then-current beneficiary.  The beneficiary will need to determine the tax treatment of the payment at that time.

You may name yourself, a grandchild, niece, nephew, other relative, friend or anyone else as the beneficiary.  The beneficiary does not have to be your child or a relative.

Although the prize cannot be claimed as cash, contact the Virginia College Savings Plan to find out whether previous higher education costs may be reimbursed from the scholarship funds.

Winners for this Sweepstakes will have 180 calendar days from the Match 3 Sweepstakes drawing date to claim their prize with the Lottery and name their beneficiary of the Scholarship Account with VCSP.

Winners for this Sweepstakes will have 180 calendar days from the Match 3 Sweepstakes drawing date to claim their prize with the Lottery and name their beneficiary of the Scholarship Account with VCSP.

This Sweepstakes is open to players eighteen (18) years of age or older.  Players may be required to provide proof of their date of birth.