College Saving: 529Plan vs Coverdale Esa

What’s the Best College savings plan?

529 Plans vs Coverdale Esa

The Details:

529 Plans: is a tax advantaged educational savings plan, operated by the state or educational institution. There are two types of plans prepaid tuition plans and saving plans.

Anybody can setup a 529 plan.

There are no income restrictions.

The Max contribution is $14,000, and when it’s time to go to college or college, vo-tech school (eligible institution) you can use the money for tuition, room & board, fees and books ????

Coverdale ESA: is a tax advantaged educational savings plan. You can Open an account at most banks or stocks brokerages. If your single your income needs to be below $110k and below $220k if your married, in order to establish this account.

You can only contribute up to $2k per year. You can use the funds in the account for college and k-12 education, such as private school, vocation and college tuition, books???? , room and board and fees.

Personally, I like both plans but I tend to like the Coverdale ESA a bit more due to the flexibility in use for elementary school.

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