MADISON, Wis. – The Wisconsin Department of Financial Institutions (DFI) today announced Gov. Tony Evers proclaimed September as College Savings Month in Wisconsin. The proclamation encourages Wisconsin students and families 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.

“Wisconsin’s students, from early childhood through higher education and technical training, are the future of our state, and Wisconsin’s continued economic success depends on their success,” said Gov. Evers. “The Wisconsin 529 College Savings Program helps families prepare and save for future education expenses so that students can pursue the education of their dreams.”

Funds saved in an Edvest 529 or Tomorrow’s Scholar account may be used to pay for undergraduate and graduate programs at any accredited public or private university, college, technical school, community college, or professional school nationwide and many institutions abroad. Qualified expenses include tuition, housing and food costs, required school fees, books, materials, computers, technology, and expenses for services needed by a beneficiary with special needs.

In addition, Wisconsin taxpayers may use their 529 savings to pay for apprenticeship programs registered with the U.S. Secretary of Labor under the National Apprenticeship Act, recognized postsecondary credential and certificate programs, and associated qualified expenses. Savings may also be used for eligible K-12 education expenses, including tuition, books, instructional materials, dual enrollment fees, educational therapies for students with disabilities, and certain tutoring and testing fees (up to $20,000 annually per beneficiary), as well as student loan repayment (up to a $10,000 lifetime limit per beneficiary).

“As students begin a new school year, it is a great time to celebrate College Savings Month, and start or continue saving for a child, grandchild, or other special student in your life,” said DFI Secretary Wendy K. Baumann. “Whether you are saving for college, technical school, an apprenticeship, or another career pathway, a Wisconsin 529 College Savings Plan can help make those opportunities more affordable. Even small, consistent contributions can grow over time and make a meaningful difference.”

Contributions to an Edvest 529 or Tomorrow’s Scholar account 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 account; single filers and married couples filing jointly may deduct up to $5,280 per beneficiary, and married couples filing separately may deduct up to $2,640 per beneficiary. This state income tax deduction is available to any Wisconsin taxpayer, not just the 529 plan account owner, making gift contributions a benefit for family members and friends.

To celebrate College Savings Month, the Wisconsin 529 College Savings Program encourages families to start or boost their college savings by:

  • Opening an Edvest 529 or Tomorrow’s Scholar account to begin saving for future education expenses.
  • 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.

“Wisconsin employers interested in helping their employees save for a loved one’s college and career training expenses can become an Edvest At Work​ partner,” said DFI Office of Financial Capability Director Jessica Wetzel. “This free workplace financial wellness program can easily be added to an employer’s benefits package at no cost, with no reporting requirements or contracts required.”

Visit Edvest.com/employer to learn more, register for a webinar, and connect with an Edvest At Work consultant. Employers who contribute to an employee’s Edvest 529 or Tomorrow’s Scholar account may be able to claim a tax credit of up to $840 per employee.

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