​For Immediate Release: September 3, 2024

Gov. Evers Proclaims College Savings Month in Wisconsin

MADISON, Wis. – The Wisconsin Department of Financial Institutions (DFI) today announced Gov. Tony Evers proclaimed September as College Savings Month in Wisconsin. The proclamation aims to encourage Wisconsinites to start or continue saving for college and career training with the Wisconsin 529 College Savings Program and its college savings plans – Edvest 529, a direct-sold plan, and Tomorrow’s Scholar, available through financial advisors and fee-only planners.

“The future of our state and economy depend upon recruiting, retaining, and training talented workers, and higher education plays a critical role in that effort. That’s why continuing and higher education should be affordable and accessible for all those who choose to pursue it,” said Gov. Evers. “For more than 25 years, the Wisconsin 529 College Savings Program has worked to educate students and families on the costs of higher education and the importance of developing a higher education savings strategy early in life while providing critical tools to help them save for those costs. It’s great to be able to celebrate this important work.”

Funds saved in an Edvest 529 or Tomorrow’s Scholar plan may be used for undergraduate and graduate programs at any accredited public or private university, college, technical college, community college, or professional school nationwide and many abroad, and toward the cost of apprenticeship programs registered with the Secretary of Labor under the National Apprenticeship Act. Eligible expenses include tuition, housing and food costs, required school fees, books, computers, technology, and expenses for services needed by a beneficiary with special needs. Savings in a Wisconsin 529 college savings plan may also be used for K-12 tuition (up to $10,000 per year, per beneficiary), adult education and retraining, and to pay down student loan debt ($10,000 per beneficiary lifetime limit).

“College Savings Month presents the perfect opportunity for parents, grandparents, other family members, and friends to talk with the students in their life about their higher education and career aspirations, and to start or continue saving for their goals,” said DFI Secretary Cheryll Olson-Collins. “Starting early and making consistent, even modest, contributions to an account over time can really add up, helping students and families avoid an overreliance on student loans down the road.”

Contributions to an Edvest 529 or Tomorrow’s Scholar plan grow free from state and federal income tax and withdrawals are tax-free when used to pay for qualified higher education expenses. Additionally, Wisconsin taxpayers may claim a state income tax deduction on contributions made to a Wisconsin 529 college savings plan; single filers and married couples filing jointly may deduct up to $5,000 per beneficiary, and married couples filing separately may deduct up to $2,500 per beneficiary. Wisconsin taxpayers have until the tax filing deadline each year to make contributions to a Wisconsin 529 college savings plan and claim a deduction on those contributions.

To celebrate College Savings Month, the Wisconsin 529 College Savings Program encourages families to jumpstart their college savings by taking advantage of two unique opportunities during the month:

• Open an Edvest 529 account between September 9 and September 27, 2024, to receive a $50 bonus contribution. To receive the bonus contribution, a new account must be opened with at least $50 and with recurring contributions of $30 or more for six consecutive months. For more information, including terms and conditions, visit Edvest.com/bonus24.
• Participate in the national “This is my Dream Job” sweepstakes, sponsored by the College Savings Plans Network, by October 1, 2024, for a chance to win a $529 contribution to a new or existing 529 account. For more information, including sweepstakes requirements and official rules, visit the “This is my Dream Job” sweepstakes webpage.

To open an Edvest 529 account, or receive assistance with an existing account, visit Edvest.com, or call Edvest 529 customer support at (888) 338-3789, Monday through Friday from 7 a.m. to 9 p.m. Central Time.

To work with a financial advisor to open and manage a Tomorrow’s Scholar account, visit 529wi.voya.com, or call Tomorrow’s Scholar customer support at (866) 677-6933, Monday through Friday from 7 a.m. to 5 p.m. Central Time.

For additional information, review the Wisconsin 529 College Savings Program webpage, or email CollegeSavingsProgram@dfi.wisconsin.gov.

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Media Contact Email: DFICommunications@dfi.wisconsin.gov​