News & Press Releases
Edvest Reaches $2 Billion in Qualified Withdrawals Milestone Helping Wisconsin Families Pay for Higher Education
Wisconsin’s Edvest 529 College Savings Plan is excited to announce that it has paid out $2 billion in qualified withdrawals. This milestone means that nearly 77,000 families across Wisconsin have invested and used $2 billion through Edvest to cover higher education costs, such as tuition, books, housing, fees, and more.1 It also reinforces Edvest’s commitment to helping Wisconsin families save for higher education while reducing student loan debt.
“Edvest has and continues to play an important role in helping students achieve the education needed to secure their dream job, whether through an apprenticeship program, technical school, or four-year college,” said Wisconsin Department of Financial Institutions Secretary-designee Cheryll Olson-Collins. “Reaching this $2 billion mark demonstrates the strength of the program and the positive impact it has on families across our state. With this being the 25th anniversary since the launch of Edvest, we couldn’t be more pleased to bear witness that our state’s tax-advantaged 529 college savings plan is truly helping to make higher education a reality.”
It’s no secret that college tuition and fees continue to rise every year. According to U.S. News & World Report, the average cost of tuition and fees for the 2021-2022 academic year for in-state students was $10,338 at a public college and $38,185 at a private university. In Wisconsin, the average numbers are slightly lower, at $6,571 for a public college and $26,102 for a private university.
That means current average tuition and fees can range from $27,032-$104,408 for four years of education. These numbers do not include the costs of living or required school supplies. Unfortunately, these numbers are likely to increase. That’s why it is essential to start saving for higher education now rather than later.
Rick Petershack, one of the many account owners that Edvest has helped, started investing in higher education with his 529 account when his daughter was ten years old. He was able to send her to an out-of-state private college with no student debt. Now, he’s using Edvest to save for his three granddaughters’ college educations.
“Especially when kids are young, instead of giving them gifts they don’t care about in a week, you can put in a couple hundred dollars for their birthday, Christmas, and other holidays,” Petershack said. “It’s a gift that could potentially become extremely valuable over the long haul. Giving the kids and their families some peace of mind.”
Petershack also mentioned the importance of saving for college, even during tough economic times. “One of the things I like about Edvest is that you can invest monthly,” Petershack said. “By investing monthly, you’re eliminating the highs and lows over time. No matter how small, it adds up.”
Edvest is a tax-advantaged investment, meaning contributions to an account may qualify for a state income tax deduction of up to $3,560 per beneficiary, per year. Limitations apply. In addition, earnings are tax-free if used for qualified education expenses like tuition and fees, books, laptops, and more. Funds can be used at any accredited public or private university, college, technical college, community college, or professional school nationwide and many abroad, and toward the cost of apprenticeships.2
For more information about Edvest and how to open an account, visit Edvest.com or or call customer support at 888-338-3789, Monday through Friday, from 7 a.m. to 9 p.m. (CT). Also, follow Edvest on Facebook for up-to-date information.
Edvest 25th Anniversary Sweepstakes
In addition to reaching $2 billion in qualified expenses, Edvest is celebrating its 25th anniversary. To mark yet another significant milestone, Edvest is celebrating with a year-long sweepstakes and awarding a $529 account contribution to one winner every month throughout 2022. Entering the sweepstakes is easy. Visit Edvest.com/buzz/25yearsweeps and complete the online entry form for a chance to win a $529 contribution to an Edvest account.*
*No purchase necessary. Void where prohibited or restricted by law. Deadline for entry is 12/31/22. Sponsored by TIAA-CREF Tuition Financing, Inc. (TFI), Program Manager for the Edvest College Savings Plan. Visit Edvest.com/25yearsweeps for Official Rules.1 Withdrawals for registered apprenticeship programs can be withdrawn free from federal and Wisconsin income tax. If you are not a Wisconsin taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances. Apprenticeship programs must be registered and certified with the Secretary of Labor under the National Apprenticeship Act.↩
1Data as of 7/22/22, includes qualified withdrawals for K-12 tuition, student loan payments, & apprenticeship program tuition.↩
2To learn more about Wisconsin’s Edvest College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Plan Description at Edvest.com. Read it carefully. For the 2022 tax year, Wisconsin taxpayers can qualify for a state tax deduction up to $3,560 per beneficiary from contributions made into an Edvest College Savings Plan. Investments in the plan are neither insured nor guaranteed and there is the risk of investment loss. 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. Consult your legal or tax professional for tax advice.↩
TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Wisconsin’s Edvest College Savings Plan.