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2. Coverdell Savings A ccount
A nother option is a Coverdell education savings account (CESA ) that can be used
for college tuition as well as K-12 education expenses for younger family members.
Similar to a 529, CESA earnings grow tax-free and qualified withdrawals are exempt
from federal and often state taxes, too. Contributions are limited to $2,000 per
beneficiary, so these accounts are often used in tandem with a 529 plan.
Unlike a 529 plan, income restrictions apply and a CESA is more limited when it
comes to age. Contributions must be made before the beneficiary reaches age 18 and
withdrawals must be made before the beneficiary reaches age 30, unless the child is a
special needs beneficiary.
3. Cash Value Life Insurance
A less familiar yet efficient way to save for college is cash value life insurance. Not
only does it provide important financial protection, if structured properly a portion of
the policy cash value may be tapped for educational purposes by making a withdrawal,
taking out a loan, or some combination of the two.

Withdrawal or taking an unpaid loan against your policy will decrease the death
benefit (the sum of cash that the insurance company pays to heirs).

Content taken from:
https://www.ameriprise.com/research-market-insights/financialarticles/
saving-for-college/3-college-savings-strategies/
Sandy Misenheimer
Financial Advisor
Ameriprise Financial

6817 Southpoint Pkwy,Ste 1103, Jacksonville, FL 32216
904.421.7530 - ameripriseadvisors.com/sandy.l.misenheimer