Edvest 529 offers a $50 bonus for new accounts opened between September 9 and 27, 2024
In partnership with Edvest 529
September Shines a Spotlight on Saving for College: Why Planning for Higher Education is More Critical than Ever and How Edvest 529 Can Help
As summer winds down and kids return to school, now’s the perfect time to start planning for future college costs. College Savings Month, celebrated throughout September, aims to educate families about the benefits of saving for a loved one’s higher education with a 529 college savings plan.
So why is it important to start saving now?
According to the Federal Reserve, the cost of college has more than doubled over the past four decades. In addition, the student loan debt balance in the U.S. has increased by 66% over the past decade, totaling more than $1.77 trillion.1
“College isn’t getting any cheaper, and the quicker you start saving, the quicker you can come up with a plan,” said Jason Haller, an Edvest 529 account owner for three daughters and a resident of Eau Claire, Wisconsin. “It can help make your future much less stressful.”
Although the numbers may seem overwhelming, there are steps you can take today to combat rising college tuition and student loan debt. The first step is researching your options, including an Edvest 529 college savings plan.
What is Edvest 529?
Edvest 529 is similar to a 401(k) plan, but instead of saving for retirement, you save for future college costs. Edvest 529 is an investment account that you can use to save, invest, and pay for future education expenses.
Where can funds be used?
Edvest 529 funds can be used at in-state and out-of-state colleges and universities, as well as many schools abroad. Funds can be applied to a technical degree, trade program, or a registered apprenticeship.
What can the funds be used for?
Funds can be used to pay for qualified higher education expenses like tuition, fees, room and board, books, laptops, and more.
What are the investment options?
Edvest 529 offers a variety of professionally managed investment portfolios to fit your life situation, risk tolerance, and college savings goals. Enrollment Year Investment Portfolios are a popular option because the asset allocation adjusts over the years to become more conservative as your student’s enrollment year approaches, which can help reduce risk.
Are there tax advantages?
Wisconsin residents may be eligible for 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 deferred at the state and federal level, while withdrawals are 100% tax-free for qualified education expenses.
How much does it take to open an Edvest 529 account
It takes roughly 15 minutes to open an account with as little as $25. Many people set up recurring contributions to stay on track with their college savings goals.
“Our strategy was to fund the 529 plan with as much extra money as we could every month, and then to have family and friends contribute as needed, like for birthdays and other special occasions,” said Jacob Martinez, an Edvest 529 account owner from Racine, Wisconsin.
College Savings Month Incentive
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 receive a $50 bonus contribution to a new Edvest 529 account.
- Open an account between Sept. 9-27, 2024, at Edvest.com/bonus24
- Make an initial deposit of at least $50
- Set up recurring contributions of $30 or more for six consecutive months
- Receive the $50 bonus
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,2 and a 2023 Platinum MarCom Award for website redesign.3
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.4
*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. Prior to investing, 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.
1“Student Loan Debt: Averages and Other Statistics in 2024.” (2024, June 24). USA Today.
2SAVING 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.
3The 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.
4ISS 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.
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