Get the 411 on the 529 College Savings Plan

The Wisconsin Department of Financial Institutions (DFI), has announced that Saturday, May 29, is to be 529 College Savings Plan Day in Wisconsin. The proclamation aligns with National 529 Day, and encourages students and families to learn more about the increasing flexibility of 529 savings plans, in funding their higher education futures.

“Research shows that students of all income levels who have a designated savings account, are more likely to attend and to graduate from college,” said DFI secretary Kathy Blumenfeld. “Meanwhile, for every dollar saved in a 529 savings plan, a student or family is avoiding more than a dollar of student loan debt, when the time comes to pay for tuition and related expenses.” Offered under Section 529 of the U.S. Internal Revenue Code, 529 savings plans cover post-secondary education, such as traditional public and private colleges, and universities, career and technical schools, and apprenticeships. In addition, 529 savings plans can also be used for K-12 education, and adult education and retraining.

Eligible expenses include tuition, room and board, fees, books, computers and related services. Also, up to $10,000 (lifetime limit per beneficiary) can be used to pay down a student loan.

For more information on the Wisconsin 529 College Savings Program, contact the DFI’s financial capability officer, at wdfi.org.