Wisconsin 529 College Savings Plan – Edvest College Savings Plan
Wisconsin 529 College Savings Plan
About: The Edvest College Savings Plan is a state-sponsored, tax-advantaged 529 college savings plan that’s helping families and individuals plan for the cost of higher education. It’s available to any citizen or taxpayer. And just about anyone can help contribute including Grandparents, other family members, and friends.
Phone #: 1-888-338-3789
Investment Options: TIAA-CREF succeeded Wells Fargo as manager of Wisconsin’s Edvest 529 savings program in October 2012. The revised program features two age-based options, eight static portfolio options, and five individual fund options utilizing mutual funds from TIAA-CREF, DFA and PIMCO. A CD option and a principal plus interest option are also available.
Tax Benefits: Edvest offer unsurpassed income tax benefits. Although contributions are not deductible on your federal tax return, any investment earnings can grow tax-deferred, and distributions to pay for the beneficiary’s college costs come out federally tax-free. There’s no federal gift tax on contributions up to $14,000 per year for single filers and $28,000 for married filers. There’s even an option to gift amounts up to $70,000 for single filers and up to $140,000 for married filers if pro-rated over 5 years.
State Residency Requirements: The account owner or the beneficiary must be a Wisconsin resident at the time of program enrollment.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ to 25% back that is credited to your account. There are more than 600 online retailers, including Target and more, which will give you rewards that can be used for college and tuition expenses.
The beauty of the Upromise program is that you save money for college by simply shopping at the normal stores you visit every day. Upromise was created in partnership with Sallie Mae and is designed to help save for education costs.