The cost of higher education continues to rise. Tuition and other school costs can range from a few thousand dollars to more than $40,000 – per year. By the time your child earns a degree, it may come with a price tag in the $200,000 range.
The best way to prepare for college is to start saving early. MCU can help with a Coverdell ESA (Education Savings Account). A Coverdell ESA allows a parent, grandparent or guardian to contribute up to $2,000 per year on behalf of their child or grandchild. Contributions are non-deductible, but may be withdrawn tax-free when used for qualified education purposes at any time before the beneficiary reaches age 30. Coverdell ESA's are offered with the same rates and terms as our other IRA accounts. You have a wide range of choices available to you, so check out our great IRA Rates.
Open a Coverdell ESA at MCU today, and start saving for your children, or grandchildren. Just stop by any of our branches or call 212-693-4900.