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What can the money be used for?
The money in your account can be used to pay for qualified higher-education expenses at any eligible college, university, vocational school, or other post-secondary institution in the country (as well as some outside of the U.S.). Eligible expenses include tuition, fees, supplies, books, and required equipment. In addition, certain room and board costs are included. The beneficiary must be enrolled at least half-time and there are limits on the total room and board costs per academic year.


 

What are the limitations on which room and board expenses are covered?
Beneficiaries must be enrolled at least half-time at a post-secondary institution for room and board expenses to be considered an eligible education expense. If the beneficiary lives in housing operated by the educational institution, the cost cannot exceed what is normally assessed for most students. The limit for room and board is based on a stated "cost of attendance" provided by each institution. This allows for more realistic distributions in areas where the cost of living is higher.
 
Does the money have to be used for a college in Wisconsin?
No, the money in an EdVest account can be used at any eligible education institution in the U.S. (and even some outside of the U.S.). Click here to search for all eligible schools.
 
Can money in the account be used for graduate studies?
Yes. The money in your account can be used for graduate school, law school, medical school, or just about any higher educational program.
 
How is the money taxed when I withdraw it?
If the funds are used for qualified college expenses, your withdrawal is federal tax free. Wisconsin residents will owe no state income tax on qualified withdrawals. If you reside in another state, consult your tax advisor for state tax information.
 
Can I withdraw money from the account for non-educational purposes?
Yes. The account owner may withdraw money for non-educational purposes, but the earnings portion of this money will be subject to federal and state taxes at the account owner's tax rate, plus a 10% additional federal tax.
 
What happens if the beneficiary receives a scholarship?
If the designated beneficiary receives a qualified scholarship, funds from the account, up to the amount of the scholarship, may be returned to the account owner without penalty. The account owner must provide written notice and proof of receipt of the scholarship in order to receive the refund.
 
What if my child decides not to go to college or drops out at some point?
If the beneficiary does not use the money,
> The account can be re-designated to another beneficiary who is a member of the family.
 
> You can close the account and receive the balance at any time. There is a 10% additional federal tax for withdrawing funds this way, and federal and state income taxes must be paid at the account owner's tax rate. The penalty is waived if the distribution is due to the death or disability of the beneficiary or if a scholarship or nontaxable grant is awarded to the beneficiary.
 
> The funds can remain in the account until the beneficiary returns to school.
 

Can I make a contribution and use it for qualified college expenses in the same year?
Yes.
 

How do I request a distribution?
To request a distribution from an EdVest account, the account owner needs to complete an EdVest Distribution Request form. If the account has the Redemption option, the account owner can call to request a distribution at 1-888-338-3789.


This Web site is accompanied by a current program description for EdVest. Consider the investment objectives, risks, charges and expenses of the investment carefully before investing. This and other information about EdVest can be found in a current program description. Please read it carefully before investing.

An investor’s or a designated beneficiary’s home state may offer state tax or other benefits that are only available for investments in that state’s qualified tuition program. Please consider this before investing.

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