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College Funding 101: Coverdell Education Savings AccountLast year, tuition at public four-year colleges and universities increased nearly 8 percent compared to the previous year (6 percent at private four-year colleges).1 If your kids are on track to attend college, those numbers could be fairly alarming. They represent a trend dating back to 1980. Since then, college costs have consistently risen at two to three times the rate of inflation.2 Yet with college graduates earning about 80 percent more than those who don’t attend college, the long-term benefits of education far outweigh the costs.3 And thanks to recent changes in the tax law, preparing for those costs has become easier than ever. The Coverdell Education Savings Account (ESA), formerly known as the Education IRA, underwent a significant makeover in the Economic Growth and Tax Relief Reconciliation Act of 2001. Here’s a look at some of the account’s features.
Drawbacks Saving for a child’s education is a top priority. Thanks to last year’s tax law, the Coverdell Education Savings Account offers an attractive way to save. 1-3) The College Board,
2001 © 2002 Emerald Publications
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