Celebrate College Savings Month with a $50 Bonus from the Edvest 529 College Savings Plan

published September 9, 2024

MADISON, Wis. (Sept. 9, 2024) — While saving for college can seem overwhelming, one thing can be certain – saving for this major milestone is less expensive than taking out student loans. College Savings Month, celebrated throughout the month of September, aims to educate families on the benefits of saving for a loved one’s higher education and career training with a 529 college savings plan.

Whether pursuing a two- or four-year college or university, a technical degree, trade program, or a registered apprenticeship, funds saved in a 529 college savings plan can support students post-high school goals.

A great place to start is with Edvest 529, Wisconsin’s only direct-sold college savings plan. Edvest 529 is specifically designed to help parents save for future college costs while offering some attractive tax incentives. Wisconsin residents can receive a state tax deduction of up to $5,000 per beneficiary for single filers or married filing jointly for contributions made into an Edvest 529 account. Additionally, earnings grow 100% tax free if used for qualified expenses like college tuition, books, room and board, computers, and more.

In celebration of College Savings Month and to help families jumpstart their college savings, Edvest 529, is announcing a $50 bonus for new accounts opened between September 9 and 27, 2024.^*

Follow the steps below to start saving and to receive a $50 bonus contribution to a new Edvest 529 account.

1. Open an account between Sept. 9-27, 2024, at Edvest.com/bonus24.
2. Make an initial deposit of at least $50.
3. Set up recurring contributions of $30 or more for six consecutive months.
4. Receive the $50 bonus.

"College Savings Month presents the perfect opportunity for parents, grandparents, and other family members to talk to the students in their life about higher education options and career aspirations, and to start or continue saving for their goals," said Wisconsin Department of Financial Institutions Secretary Cheryll Olson-Collins. The Wisconsin Department of Financial Institutions administers the Wisconsin 529 College Savings Program, which includes the Edvest 529 College Savings Plan. “We hope this special Edvest 529 bonus offer provides families with the spark they need to start their education savings journey today,” added Olson-Collins.

For more information about Edvest 529 including investment options, fees, and frequently asked questions, visit Edvest.com, or follow Edvest 529 on Facebook, Instagram and Youtube.

About Edvest 529

For more than 25 years, Edvest 529 – Wisconsin’s only direct-sold 529 college savings plan – has been helping families save for higher education expenses. Account owners can choose from 24 investment portfolios, access easy-to-use savings tools, and take advantage of triple tax benefits. Edvest 529 has received numerous accolades, including being named Silver by Morningstar Investment Research for the second year in a row, earning a 5-Cap Rating by SavingForCollege.com,¹ and a 2023 Platinum MarCom Award for website redesign.²

Edvest 529 is a tax-advantaged investment, meaning contributions to an account may qualify for a 2024 Wisconsin state income tax deduction of up to $5,000 per contributor per beneficiary, per year, for single filers or married couples filing a joint return. The plan has no sales charges, enrollment fees, or annual account maintenance fees. In fact, Edvest 529 is the fifth lowest-cost 529 college savings plan in the nation.³

Want more details?

Check out our "What is the best option for college savings" video in our new College Savings Connection video series for more of a breakdown of what a 529 plan is, and its tax benefits.

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1. ^*Visit Edvest.com/bonus24 for terms and conditions. Promotion ends 9/27/2024. Sponsored by Wisconsin’s Edvest 529 College Savings Plan. ↩

In an annual review (11/2/2023) of the largest 529 college savings plans (54 plans representing 90% of 529 assets as of August 2023), Morningstar identified 34 plans that stand out above the rest, awarding those plans Gold, Silver, and Bronze Morningstar Analyst Ratings for 2023. These plans offer a well-researched asset-allocation approach, a robust process for selecting and monitoring underlying investments, a well-resourced and experienced investment team, stable and engaged oversight from the state and low fees. Investors in what Morningstar analysts consider the best 529 plans should be well-positioned for the future. The four key pillars used by Morningstar to evaluate 529 college savings plans include – Process, People, Parent, and Price. For more information about Morningstar’s overview of the Edvest 529 College Savings Plan, go to Morningstar.com. TIAA-CREF Tuition Financing, Inc. compensates Morningstar for the ability to quote these ratings in public communications. Past performance does not predict future results. Source: Morningstar.com. A Morningstar Analyst Rating for a 529 college savings plan is not a credit or risk rating. Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions.

To learn more about Wisconsin's Edvest 529 College Savings Plan, its investment objectives, risks, charges, and expenses, see the Plan Description at Edvest.com before investing. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Consult your legal or tax professional for tax advice. Wisconsin taxpayers can qualify for a 2024 state tax deduction up to $5,000 annually per beneficiary, for single filer or married couple filing a joint return, from contributions made into an Edvest 529 College Savings Plan. Married couples filing separately may each claim a maximum of $2,500. If the funds aren't used for qualified higher education expenses, a federal 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for Wisconsin's Edvest 529 College Savings Plan.

Footnotes

1. ¹SAVING FOR COLLEGE’S 5-Cap Ratings provide an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories: Performance, Costs, Features, Reliability, and Resident. The 5-Cap Ratings represent our Saving for College’s opinion of the attractiveness of each 529 plan relative to all other 529 plans, based on the many factors that they feel are important. The category scores and Resident Upgrades are used to compute the plan's overall 5-Cap Rating using an averaging algorithm. A plan's category scores are computed on a scale of 1 to 5, carried out to two decimal places, and displayed on the Plan Details page alongside the 5-Cap Rating. In addition, they assign a "Resident Upgrade" score to reflect additional benefits provided by the 529 plan to residents of the sponsoring state. ↩
2. ²The 2023 international MarCom competition recognizes outstanding achievement by creative professionals involved in the concept, direction, design, and production of marketing and communication materials and programs. Winners are graded with points by the work’s quality, creativity, and resourcefulness and each entry is viewed and discussed individually. Entries receiving scores between 90-100 points are Platinum winners. There were over 6,500 entries from throughout the United States, Canada, and 47 other countries. ↩
3. ³ISS Market Intelligence 529 College Savings Fee Analysis 2Q 2024. Edvest 529’s average annual asset-based fees are 0.15% for all portfolios compared to 0.51% for all 529 plans. ↩
4. All social media platforms are managed by the State of Wisconsin.

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