Everyone knows college is expensive. But so is tuition for the right college prep schools. What's the best way to save to help your family bridge the gap?Let's Talk
Pay for private school, high school, prep school, college and more with tax-deferred dollars.
Earnings within the account are tax deferred and withdrawals are not subject to tax if they are used for qualified education expenses. Withdrawals not used for qualified education expenses are subject to regular income tax and a penalty. All withdrawals must be completed before the child reaches age 30 (unless the child has special needs).
Unlike other education savings vehicles, the Coverdell Education Savings Account (ESA) allows parents or other investors to put their savings toward any grade level. This account is a viable option for those seeking a way to save for private schools.
Coverdell Education Savings Accounts function like IRA accounts and are available from most banks, credit unions, brokerage firms and mutual fund companies. Investment options vary depending on the firm. There is often considerable flexibility with self-directed type accounts.
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