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Extraco Banks
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College Savings Calculator

College funding begins with savings, but how much should you save — and how?
The College Board® reports that the average published tuition and fee price is 40 percent higher in 2015-2016 at public four-year institutions than it was 2005-06. We can help you with different options to make college education an affordable choice.

Coverdell and Custodial Accounts

A tax-free investment option allowing tax-free withdrawals when the funds are spent on qualified education expenses.

Key Considerations:
  • Can be used for qualified college and K-12 expenses
  • Contributions made before beneficiary reaches age 18; and use of account by age 30
  • Broad range of securities and certain other investments

529 College Savings Plan

Similar to the Coverdell account, the 529 College Savings Plan has it's own features and benefit to the beneficiary.

Key Considerations:
  • Tax deferred from federal and usually state taxes
  • Tax-free withdrawals for qualified higher education
  • Gift tax benefits allowing you to superfund the account one time without incurring a gift tax

Extraco Banks is a Member FDIC. Securities offered through Extraco Banks are NOT Deposits, NOT Insured by the FDIC or any
Federal Government Agency,  NOT GUARANTEED by EXTRACO BANKS or its Affiliates, and  MAY GO DOWN in value.