Education Savings

Plan Ahead for Education Expenses

As parents, you want the best for your children – and that often includes a college education. Funding a college education is one of the largest expenditures you may have in your lifetime, and college choice option belongs to those who start a plan early. Tax-advantaged programs are available to help out.  Count on the advisors at Interra Credit Union to help you maximize your investment in your children’s futures.  Combined with your “homework” – careful planning and an early start – you’re on target to be there financially when the acceptance letter arrives.

To learn more about Educational Savings Accounts (ESAs), visit the ESA Center.  It provides:

• information about saving for college
• ESA plan options
• a college savings calculator
• forms
• and more

Consider these options as you develop your savings plan:

Coverdell Educational Savings Account

This account works much like a Roth IRA and is designed specifically to allow individuals to plan for a child’s education expenses. It offers two important tax advantages: tax-free distributions and tax-free earnings.  Funding is available for secondary, undergraduate, and graduate studies. For more information, go to the IRS website.

At Interra, you can choose from a variety of savings and investment options to maximize your college savings dollars.

529 College Savings Plans

Tax advantages help Indiana residents maximize college savings dollars.  529 plans allow larger annual contributions, tax-free earnings and investment flexibility.  Funding is exclusively for post-secondary education.

College Choice Plan

For Indiana residents, the College Choice plan offers tax free earnings and a 20% state tax credit, up to $1,000.

Student and Parent Loans

Interra Credit Union offers student loans to help fill the funding gaps that federal aid can leave behind.  By partnering with other credit unions to form Credit Union Student Choice, we offer members lower cost financing options to help you, or a family member, achieve the dream of higher education.  Nationwide, there are more than 8,000 college and universities that are eligible with this loan.  See if the school of your choice is on the approved list.

The student loan program is designed with your best interest in mind and offers lower loan rates, zero origination fees and more flexible repayment options.  Visit our student lending site to learn more about student loan products, figure out college costs and savings using our college calculators, or apply!  You can also find out more about our student loan program by phone or by visiting any Interra office.   

Interra Investments

The return on your investments can help fund your child’s college education.  We offer consultations and financial management analysis to help you realize your education savings goals. Learn about Interra Investments.

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