Wis. Senate set to change college savings plan

MADISON, Wis. (AP) -- The Wisconsin Senate is poised to take up a bill that would allow more people to contribute to a student's state college savings program.

Dubbed EdVest, the program currently allows parents, grandparents, great-grandparents, aunts and uncles to make tax-deductible contributions to accounts used to cover a child's qualified education costs. The EdVest pot grew 14 percent in 2013, from $2.9 billion to $3.3 billion. The number of accounts grew 1.6 percent to 247,264.

The Republican-authored bill would allow anyone, not just family members, to contribute to a child's account.

The Senate is set to vote on the measure Wednesday afternoon. Approval would send the bill to the state Assembly.

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