LETTER: Here’s how to pay for college, which just got a year closer for K-12 students

Another school year is rapidly coming to a close.

As K-12 students prepare to indulge themselves in the joys of summer, it is unlikely that either they or their parents have given thought to the longer-term ramifications of the passage of another school year: College just got one year closer.

That’s a thought that can send a shiver up the spine of many parents.

The prospect of paying for a child’s post-secondary education is indeed daunting.

In a perfect world, all parents would begin that process when their children were born or still very young.

Unfortunately, that is not the case.

Many families are not financially prepared for the cost of college when the time comes.

Parents and grandparents, if you’ve never heard of the Wisconsin 529 college savings plans, Edvest and Tomorrow’s Scholar, pay close attention.

Under the aegis of the state Department of Financial Institutions, these plans manage $5 billion in investments that will be used to pay the post-secondary educational expenses of some 314,000 account holders.

Opening an Edvest account is an easy way to begin saving for college for your child or grandchild.

Edvest is one of the lowest-cost 529 plans in the country and Wisconsin residents are eligible for state tax benefits for contributions they make to an account.

I can tell you that I’m a believer, having opened Edvest accounts for each of my two sons.

You can easily open an account in just 15 minutes and manage it online or by mail. By setting up automatic contributions from your bank account or by payroll deduction, making regular contributions is hassle free.

Visit edvest.com to learn more.

And if you’re a parent eligible for the $100-per-child tax rebate that was recently signed into law by Gov. Scott Walker, perhaps you should consider using it to open an Edvest account, or add it to an existing one.

For information about the rebate program, visit childtaxrebate.wi.gov.

Eligible parents can file for the rebates between May 15 and July 2. The checks should arrive just in time for the start of the new school year.

And you know what that means. Your child will be another school year closer to college.

Risch is secretary of the Wisconsin Department of Financial Institutions.