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Financial Services
Oklahoma Christian University
Tuesday, October 04, 2011

Paying for College: Series EE Bonds, Coverdell Education Savings Accounts

“The pressure to pay for college has become as powerful as the other two requirements in life: death and taxes,” Fox Business reports. “Recent and proposed Federal reductions in the federal Pell Grants program and other aid have made it even more important to understand your options when paying for college. As people save for college, they are bombarded with ideas about college savings plans, education savings accounts, gifts, prepaid tuition plans and more. Missing from the discussion in most cases is the first big issue that I see regularly as a tax professional: the financial aid form (Free Application for Federal Student Aid—more commonly known as a FASFA). Because it’s often overlooked, it’s important to know how individual savings plans influence the amount of financial aid you receive. There are several common options available to save for college: Series EE Bonds, Coverdell Education Savings Accounts, Section 529 plans, traditional IRAs and Roth IRAs.”

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