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What is an education savings account (ESA)?

With an Education Savings Account (ESA), you can invest in the future of a child — tax-deferred and federal tax-free for qualified distributions for elementary, secondary and higher education expenses. Tax-deferred account with the potential for federal income tax-free distributions if used for qualified education expenses.

What are the different types of education savings accounts?

Learn more here. There are several different types of education savings accounts that can be used to save for your child's future education expenses. The two main education savings account vehicles are Coverdell Education Savings Account and a 529 College Savings Plan.

Are education savings plans tax-free?

Education savings plans offer tax-deferred growth, and withdrawals are tax-free when used for qualified education expenses. These plans remain under the control of the donor, usually a parent. Prepaid tuition plans enable account owners to lock in current tuition rates for future attendance at selected colleges and universities.

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