Researching College Savings Plans? Look to EdVest!
Whether you are just having your first child, watching your child become a teenager or sending them off to college next year, putting money away for their future education is important. 529 plans, like Wisconsin’s EdVest plan, are great ways to save.
A 529 Plan is an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. It is named after Section 529 of the Internal Revenue Code which created these types of savings plans in 1996.
One of the biggest misconceptions about 529 Plans: you have to go to a public school in your state if you invest. Not true! There are two general types of 529 plans:
- savings programs, and
- prepaid programs.
If you decide to use a 529 savings program, the full value of your account can be used at any accredited college or university in the country (along with some foreign institutions). Click here to see all the Wisconsin Schools that take 529 Plan assets.
The states offering prepaid tuition contracts covering in-state tuition will allow you to transfer the value of your contract to private and out-of-state schools (although you may not get full value depending on the particular state).
Something else to remember about EdVest and many college savings plans…they aren’t just for kids! If you are considering heading back to school in a few years, or are an educator who needs to take classes for continuing education credits, you can open an EdVest account for yourself and start saving and enjoying tax benefits!
Visit http://www.edvest.com for more information!
- FAQ: What are the benefits of EdVest? (wistatetreasury.wordpress.com)
- FAQ: Can I transfer assets from another account into EdVest? (wistatetreasury.wordpress.com)
- FAQ: How can I stay up to date on my EdVest account? (wistatetreasury.wordpress.com)
- FAQ: Who can open an EdVest account? (wistatetreasury.wordpress.com)
- FAQ: Does EdVest have a flexible contribution option? (wistatetreasury.wordpress.com)