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Education Savings Plan

To help members make the most of their children’s education funds, Oklahoma Central offers the Coverdell Education Savings Account (ESA), formerly known as the Education IRA. The chart below provides a quick overview of ESA features and benefits.

 
Coverdell Education Savings Account (ESA)
minimum contribution
$250
contribution limits
$2,000 annual contribution limit per beneficiary (restrictions apply for higher-income households)
tax implications
earnings tax exempt
advantages
anyone can establish an account

funds transferable to another child

can be used for private or parochial K-12 schools, vo-techtraining, and ancillary items such as computers and tutoring

protected principal, guaranteed savings plan rate

 
drawbacks
low annual contribution limit income restrictions

10 percent penalty for non-qualified withdrawals

 

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