College Planning | Wealth Management

Prepare for Your Child's Future Education

Invest in your child's future by planning your education funding strategies now. Education First Financial Group offers access to 529 Savings Plans and Coverdell Education Savings Accounts.

Our financial planning professionals can help you identify a savings strategy based on variables like the ages of your child or children, whether they plan to attend a private or public university, how long you plan to continue working, and more. Ready to get started? We're here to help.

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529 Savings Plans

Also known as "qualified tuition plans," 529 plans are tax-advantaged savings accounts designed to encourage saving for tuition and related fees and costs. When you invest in a college savings plan, you pay money into an investment account on behalf of a designated beneficiary.

There are two types of plans: pre-paid tuition plans and college savings plans. The college savings version allows earnings to grow tax-deferred, and withdrawals are tax-free when used for qualified education expenses. Depending on the type of plan, eligible expenses may include tuition, mandatory fees, books, computers, and room and board. Beginning in 2018, 529 Savings Plans can be used to pay for K-12 tuition, up to $10,000 per year per beneficiary.

Contributions can vary and are limited by the maximum and minimum contribution limits set by most plans.

Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax-free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.

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Coverdell Education Savings Account

An education savings account, or ESA, is a tax-advantaged investment account designed to encourage savings to cover future education expenses.

Qualified expenses for these accounts include elementary and secondary education and higher education expenses such as tuition and fees; however, beneficiaries must be under the age of 18 when the account is established. The age restriction may be waived for special needs beneficiaries. While more than one ESA can be set up for a single beneficiary, the current total maximum contribution per year for any single year is $2,000.

College Calculators

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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Education First Financial Group are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Education First Financial Group, and may also be employees of Education First Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of Education First Federal Credit Union. Securities and insurance offered through LPL or its affiliates are:

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