Edvest reaches $2 billion in withdrawals

Edvest, the 529 college savings plan for Wisconsin, has announced that it has paid out $2 billion in qualified withdrawals. The number represents nearly 77,000 families across Wisconsin that have invested and used funds through Edvest to cover higher education costs such as tuition, books, housing, and fees. Current average tuition and fees can range from $27,032–$104,408 for four years of higher education, and these numbers do not include the costs of living or required school supplies.

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. Earnings are tax-free if used for qualified education expenses such as tuition and fees, books, and laptops.