Coverdell Education Savings
Education is the ultimate investment
Education is an investment that gives back for a lifetime. A Coverdell Education Savings Account (ESA) is designed to cover future education expenses at an elementary, secondary school or college to pay for tuition, books and uniforms.
Withdrawals are tax-free for qualified education expenses at a qualified institution. And since your student is not the account owner but rather your dependent and a beneficiary, an ESA will not adversely affect their application for federal financial aid.
Other requirements and details can be found here for IRS information on Coverdell Education Savings Accounts.
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