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Learn The ABC's of covering college costs

This used to be the path to college: Study hard, get good grades, ace the SAT. With tuition soaring, there’s a new formula: Invest early, get good returns, pray for a great financial aid package. Who ever dreamed covering costs would be harder than passing physics? Fortunately, our CFS* Financial Representatives are good tutors. They educate parents about all the different types of education savings plans. If they help you make a good choice, maybe you’ll give us an A for effort.

Here are the Education Savings Accounts you’ll learn about from CFS Financial Representatives.

529 PLANS**

These investment accounts grow tax-free, and proceeds are withdrawn tax-free, as long as the money is used for qualified financial expenses.

COVERDELL EDUCATION SAVINGS ACCOUNTS

Similar to 529s in tax benefits, Coverdell accounts can also be used to pay for private elementary and high school tuition. However, there is a $2,000 limit on annual contributions.

UGMA and UTMA CUSTODIAL EDUCATION SAVINGS ACCOUNTS for Minors

These accounts allow parents to protect the assets of minor children. These accounts are taxed. However, there are no contribution limits.

Representatives can answer questions frequently asked by parents. They include: Can I access the money in an education savings account in the event of an emergency? And, how does an education account affect a student’s financial aid award?

Grandparents often want to contribute to 529 Plans. CFS* Representatives can explain if the money in the account might affect their Medicaid eligibility.

There’s no denying the benefits of an education: the ability to compete in today’s job market, increased earning power, and expanded horizons. But these advantages come at a price. And yet, year after year, thousands of students graduate from college. So, how do they do it? Whether they want to grow up to be a farmer or a firefighter, as parents and grandparents we want to support them and their dreams, as best we can.

At Workers Credit Union, one of our CFS Financial Representatives available through CUSO Financial Services, L.P. * can help you; help your children and grandchildren by uncovering what’s best for your family.


Contact us to schedule a complimentary, no-obligation appointment.






Give us a call at 800-221-4020.
Our member service representatives will be happy to assist you.

Disclaimer

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor.  Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

Financial Advisors are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with, residents of other states will be made only upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.

CFS representatives do not provide tax or legal guidance. For such guidance please consult with a qualified professional. Information shown is for general illustration purposes and does not predict or depict the performance of any investment or strategy. Past performance does not guarantee future results.

**There are additional fees associated with 529 savings plans. Investments in 529s involve investment risks. You should consider your financial needs, goals, and risk tolerance prior to investing.

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