In recognition of 529 Day – May 29th – we’re sharing some quick facts about higher education costs, and about Edvest, Wisconsin’s official 529 College Savings Plan. (Get it? 5/29?) On to the facts!
The average monthly student loan payment for grads age 20 – 30 is $351.
That’s money that could be going to a car payment, rent, or savings for a down payment on a home. Saving now may really help their quality of life later.
Every $1 in savings is equal to $2 in student debt.
Repaying loans means repaying the amount borrowed plus interest. By contrast, your savings is just your savings and any earnings that may accumulate in your Edvest account is just more money that can go to higher education expenses. Learn more about saving versus borrowing here.
Another day you don’t save is a missed opportunity!
It’s as simple as visting Edvest.com and selecting Open an Account. Have your future student’s birthdate and social security number handy, and you’re ready to start saving. Questions? Just call us! College savings specialists are available Monday thru Friday, 7 am – 7 pm toll-free at 1.888.33.3789.
College savings for anyone.
You just need to be 18 years old with a valid social security number. That means you can open an account for your kid sister, child, grandchild, cousin, niece, best friend’s son…anyone. (Even yourself!)
Edvest is for tuition and more.
Yes, you can use Edvest funds for tuition. You can also use the funds for qualified education expense such as room and board, books, computers/tablets and Internet access, and more.
Go to the school of your choice.
Edvest doesn’t limit where your funds can be used. You can use your Edvest funds at public or private colleges, universities, technical colleges, graduate schools, or certificate programs in Wisconsin, out of state, and many schools abroad.
Edvest has tax benefits
Wisconsin residents who contribute to an Edvest account may be eligible to reduce their state taxable income. Any earnings on the account may grow tax-free. Plus, funds may be withdrawn free from state and federal taxes when used for qualified expenses.
Ready to celebrate 529 Day? Open an account or contribute to one now at Edvest.com.