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College savings plans for their future.

With education costs rising, it's important to start saving today. Open a CCCU Coverdell Education Savings Account and take advantage of a fixed rate of return and tax-free withdrawals. Plus, earnings are compounded monthly and grow tax-free.1
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Coverdell Education Savings Account

A Coverdell Education Savings Account (CESA) is a great way to save for primary, secondary, or higher education expenses. With as little as $1,000, you can begin investing in their education. 

When the contributions are distributed, they are tax-free assuming they are less than the account holder's annual adjusted qualified education expenses, including:
 
  • Tuition
  • Books, supplies, and equipment required for enrollment
  • Room and board
  • Academic services like tutoring
  • Computer and related equipment if used for school
  • School uniforms
     
For more info or financial advice, contact our Consolidated Wealth Management team. Call 503.925.5511 or schedule a complimentary consultation.

Start your Coverdell Education Savings Account application

College Savings Account Benefits

Education should never be unattainable. A CESA with CCCU helps members and their families put as much money towards their futures as possible.

 
 
A young student boy who is excited about the future and has college savings account with CCCU credit union in Portland Oregon.

Accessible

Even if you cannot make contributions to the account, anyone who qualifies can contribute to your CESA!

Flexible

The beneficiary can make withdrawals for qualified education expenses until they are 30-years-old!

Tax-Free

Contributions are made with after-tax dollars and any growth is not taxed when you withdraw your funds.

Transferable

If the intended child doesn't use their CESA, you can transfer to another eligible family member!
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Wondering how to pay for college?

Between grants, loans, and scholarships, there are many ways to pay for college, but starting a college savings account is the best way to start planning for a child's future. And it's never too early to start saving!

A Coverdell Education Savings Account is beneficial because any investment growth is not taxed upon withdrawal, and approved education expenses include more than just tuition.

Another great feature of a CESA is that anyone can make contributions to your college savings account on behalf of a beneficiary under the age of 18, up to an annual maximum of $2,000 for single and joint filers.

Be sure to let friends and family know that you have the account set up so they can contribute to your child's education!

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A young woman college student who was able to go to college debt free thanks to her College Savings Account at Consolidated Community Credit Union CCCU in Portland Oregon.
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Frequently Asked Questions

How much can I save in a CESA?

The contributor's Modified Adjusted Gross Income (MAGI) is limited as follows:

  • MARRIED, JOINT:
    • Partial Contributions for MAGI of $190,000 or less
    • Full Contributions for MAGI of $190,000 or $220,000
    • No Contributions for MAGI of $220,000 or more
  • OTHER:
    • Partial Contributions for MAGI of $95,000 or less
    • Full Contributions for MAGI of $95,000 or $110,000
    • No Contributions for MAGI of $110,000 or more
Who owns the CESA account?

The account is owned and controlled by the parent opening account, with the child as the beneficiary for the funds to be used for educational expenses.

What if my child does not use their CESA?

If you do not use your CESA, or your child decides to not attend college, you can transfer the account to another eligible family member. If the original account holder decides to go to college later, they can withdraw money from the account for qualified education expenses until they are 30 years old.


DISCLOSURES
Membership eligibility is required. All new accounts are subject to CCCU standard account membership terms and disclosures. IRA transactions are subject to IRS rules and regulations.
1 Please consult your tax advisor for specific information on how certain laws apply to your situation and about your individual financial situation.

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